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Keeping Your Home

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:

  • Home
  • Motor vehicles
  • Clothing
  • 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 a Chapter 13, most important debts are consolidated into a three- to five-year repayment plan that is paid in monthly installments. Credit card debts, second mortgages, car loans and other debts may also be eliminated or reduced.

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 debt-relief attorneys.

We Can Help Save Your Important Assets. Contact Us To Learn More About Bankruptcy Property Exemptions.

At Guerrieri, Cox & Associates, LLC., we have the experience and knowledge required to help you keep your most important property in a Chapter 7 or Chapter 13 bankruptcy. To learn more about your options and the best strategies to protect the property that is most important to you, contact our lawyers in Columbus, Ohio, today.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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