Keeping Property In Bankruptcy
In a consumer bankruptcy, you have an option for retaining important assets. Bankruptcy law identifies certain assets as exempt from liquidation. These may include, up to a certain amount, your:
- Motor vehicles
- Retirement accounts, including pensions, IRAs and 401(k)s
- Public benefits, including unemployment compensation and Social Security payments
- Household items, including appliances, furniture, books and firearms
- Personal injury judgments and workers’ compensation payments
- “Tools of the trade” required for you to make a living
Ways Of Keeping Your Property In A Chapter 7 Bankruptcy
Exemptions such as these are written into Ohio and federal bankruptcy laws. However, just because you possess these things does not necessarily mean you can keep them. That is because, as with so many laws, there are complicating factors.
For instance, your home may be entirely exempt, but only up to a value of $125,000 per owner. If your equity is worth less than the exemption amount, you may keep your house provided you continue to pay your mortgage. Likewise, your household furnishings are exempt from liquidation and repossession up to a value $10,775; your primary automobile up to $3,225.
The list of Ohio bankruptcy exemptions and exceptions is long and complicated. For most people who qualify for Chapter 7 bankruptcy, these thresholds are high enough that they can retain their most important possessions. Indeed, most of our Chapter 7 clients are able to keep their homes and vehicles after eliminating their debts.
Keeping Your Property In A Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is usually a better option for people who have an income and need to keep property that exceeds the exemption amounts. In
The information presented on this page is greatly simplified. Bankruptcy laws are extremely complicated, and choosing a bankruptcy option is something best done with the assistance of one of our experienced
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