You Can Protect Much of Your Property in a Chapter 7 Bankruptcy

Among the schedules that your Dayton bankruptcy attorney will file in a Chapter 7 bankruptcy is a schedule of “exempt” property. The Bankruptcy Code allows an individual debtor (4) to protect (and therefore retain) some property from the claims of creditors because it is exempt under federal bankruptcy law or under the laws of the debtor’s home state. 11 U.S.C. § 522(b). Some of the Ohio Exemptions (O.R.C. 2329.66) are listed below:

1) Personal residence = $20,200
2) Motor vehicle = $3,225
3) Cash = $400
4) Household Items (aggregate) = $10,775
5) Jewelry = $1,350
6) Tools of trade = $2,025
7) Award for personal bodily injury (received within 12 months of bankruptcy) = $20,200
8) Retirement Account Funds = Unlimited

To learn more about bankruptcy, or to discuss your personal financial situation with an experienced Dayton bankruptcy attorney , please contact your Dayton bankruptcy attorney today at Helen Wallace, Attorney at Law by clicking on the preceding link, by e-mail to hw@helenwallacelaw.com or by telephone to (937) 654-6800.

The contents contained in Helen Wallace, Attorney at Law’s Blog and Web Page(s) are for educational and informational purposes only, and shall not be construed as legal or tax advice. The reading of Helen Wallace, Attorney at Law’s Blog or Webpage does not create an attorney/client relationship with Helen Wallace, Attorney at Law. Please consult an Attorney in your jurisdiction (where you live or where the legal action arose) if you are seeking legal advice or representation. Please further be advised that Helen Wallace, Attorney at Law is a debt relief agency and helps people file for bankruptcy relief under the United States Bankruptcy Code.

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