When you file for bankruptcy, you won’t lose everything. Depending on the type of bankruptcy you file and the exemptions that the state of Ohio provides, you can keep many of your belongings. This could be a huge relief if you’re drowning in debt but don’t want to lose your things.
What You Can Lose in Bankruptcy
In bankruptcy, you could lose some property, including real estate, cars, jewelry, and antiques. You may be required to hand the property over, or you could choose to sell it to pay your debts. For instance, if you have two cars, and you owe a lot of money on your second car, you may lose it. It all depends on the circumstances of your situation.
Bankruptcy Exemptions in Ohio
Ohio has a homestead exemption where you can protect up to $19,300 of equity in tangible personal property or real estate. You or your dependents must live in the property you’re claiming for the homestead exemption. You can also exempt up to $4,000 for your vehicle, but if you finance your car, there are some other requirements you’ll need to fulfill. Ohio has a wildcard exemption, where you can exempt up to $1,325 for any belongings of your choice.
Other exemptions include $13,400 in the value of household goods, 75% of your wages, private pensions, interest in a burial plot, child or spousal support, and $25,175 of value in a personal injury award you received within 12 months of filing for bankruptcy. Creditors could claim property that is not exempt in order to cover your debts.
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.