and you're entitled to keep it
Chapter 7 exemptions help determine which property you get to keep during and after your bankruptcy. The following is a list of commonly used exemptions in Akron, Ohio Chapter 7 bankruptcy cases.
To be clear, most people in 95% of all bankruptcies filed, do not lose anything. Most all bankruptcies go through wiping out all your debts and you NOT losing any possessions to the Trustee.
In Ohio, spouses filing jointly can use the full exemption amount for property in each of their names, essentially doubling the Ohio bankruptcy exemption amount.
(Your exemptions may be applied in Chapter 13 bankruptcy cases, too.)
|You may exempt $132,900 of value in your home, manufactured, or mobile home that you or your dependent uses as a residence.
(More information of the bankruptcy homestead exemption).
Personal Property Exemption
|$450 of cash
|$3,675 of value in one vehicle (read more about vehicles in bankruptcy here:
|$12,250 in household goods but up to a value of $575 per individual item. Household goods include furniture, appliances, decor, linens, etc.
|$1,550 of value in jewelry
|Interest in one burial lot
|75% of wages
|Unemployment Compensation Benefits
|Workers’ Compensation Benefits
|Pension Bankruptcy Exemptions
|All tax exempt retirement accounts
Wildcard Bankruptcy Exemption
|Allows you to exempt or add to another exemption amount the value of $1,225 in any property.
Support Bankruptcy Exemption
|Spousal support or child support, to the extent reasonably necessary for support. We’ll help you get the most out of your support exemption.
Tools of the Trade
|$2,25 of value in books, tools of your trade, occupation, or business.
Personal Injury Claim
|Up to $23,000
These are just common Ohio bankruptcy exemptions, there are other exemptions to protect specific property. If you’d like to know if something you own would be protected in an Akron bankruptcy case, meaning you can keep it, give us a call and we’ll let you know right away.
THESE EXEMPTIONS ARE CURRENT AS OF APRIL 2013. OHIO UPDATES ITS EXEMPTIONS EVERY THREE YEARS. WE'LL KEEP YOU UPDATED.
Chapter 13 bankruptcy exemptions in Akron, Ohio
Contact us and tell us your financial situation, bankruptcy can probably help you.
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Paolucci Bankruptcy Law:
AKRON | CLEVELAND
1 CASCADE PLAZA
AKRON, OHIO 44308
1085 ROCKSIDE ROAD
PARMA, OHIO 44134