You’re thinking about filing for Chapter 7 bankruptcy in Ohio, but you’re worried that you’re going to lose all your assets, including your cash. While it’s understandable that you’re anxious, you don’t have to be afraid. By learning the facts about Chapter 7 bankruptcy, you can find out how much cash you can keep when filing.
How Much Cash Can You Keep?
You can keep up to $500 in cash in your bank account or on hand. There is also a wildcard exemption, where you can exempt up to $1,325 for any property you choose. So technically, you could keep $1,825 of your cash when filing for Chapter 7 bankruptcy in Ohio.
Other Exemptions in Ohio
There are other property exemptions you can take in Ohio. They include:
- Up to $145,425 for a homestead exemption
- Up to $4,000 for a car exemption
- Up to $1,700 for a jewelry exemption
- Up to $2,440 for tools you need for work
- Up to $25,175 from a personal injury claim
- Up to $13,400 for household items; single items worth more than $600 are not exempt
Working With a Bankruptcy Attorney
When you hire a bankruptcy attorney, they’ll help you figure out how to properly report all your assets, including your cash. They will also assist you with determining whether you should file for Chapter 7 or Chapter 13 bankruptcy. All you have to do is get in touch.
Get in Touch With Richard P. Arthur
Richard P. Arthur, Attorney at Law, can help you file for bankruptcy in Ohio. You can call 937-254-3738 for a consultation. He has more than three decades of experience helping clients in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.