One of the concerns people often have when filing bankruptcy is losing their assets. Those who file bankruptcy can exempt certain property from the proceedings, protecting those assets from being liquidated to repay assets. In Ohio, bankruptcy filers are not eligible to use federal exemptions but the state exemptions are generous. Married couples may double the exemptions if they are filing together.
Some of the common exemptions include motor vehicles worth up to $3,775, up to $12,625 in household items and most retirement accounts. Your bankruptcy attorney can help you determine what assets are exempt as well as help you prepare the documentation required by the courts.
If you have recently lost a job, gone through a divorce, or have had health issues resulting in your debt getting out of hand, contact D. Derk Demaree at (740) 393-1122
for information regarding filing for bankruptcy.