Ohio Bankruptcy Exemptions
Chapter 7 bankruptcy is also commonly known as liquidation bankruptcy because it may involve the sale, or liquidation, of some assets that a debtor owns in order to help pay off creditors. For many people, this can sound like a daunting prospect, one that may leave them without their most valuable possessions and struggling to get their lives back together.
The truth, however, is that there are a wide range of exemptions in Ohio that debtors pursuing Chapter 7 bankruptcy protection can use to help protect their most important belongings. A qualified lawyer can help to explain in greater detail the ways in which you can use these exemptions to protect your assets.
Bankruptcy Exemptions in Ohio
The following is a brief summary of some of the more important exemptions available under Ohio law for debtors pursuing Chapter 7 bankruptcy:
- Homestead – allows debtors to exempt equity in their home from the bankruptcy process
- Personal property – includes exemptions for jewelry, vehicle equity, household goods, and other assets
- Pensions – allows for exemption of several different types of pension funds
- Wildcard – can be used to exempt any type of property up to a certain value
These are just some of the many different types of exemptions that debtors may use to protect their assets.
Talk to a Bankruptcy Lawyer in Cincinnati
If you are considering filing for bankruptcy, the dedicated team at Ryan J. Ruehle, LLC can help you to effectively pursue the best possible course of action for your needs. Contact us today at (513) 621-0999 to learn more about what we can do for you.