Although bankruptcy is governed by federal law, the Ohio exemption laws determine in large part what property, or rights in property, that you can keep if you file bankruptcy. The exemptions are the same, whether you file for Chapter 7 or Chapter 13 bankruptcy. The exemptions will allow you to keep the following rights in property:
$ 20,200: equity in residential property
$ 3,225: equity in a motor vehicle
$ 10,775: household goods and furnishings ($ 525 maximum per item)
$ 1,325: jewelry
$ 2,025: tools or implements of trade
$ 1,075: wild card exemption in any property
$ 400: cash on hand and deposits in financial institutions
$ unlimited: retirement accounts (if exempt under federal ERISA law)
Additional exemptions are available under Ohio law, as well as exemptions established by non-bankruptcy Federal law, that allow you to keep other interests in property that you may have.
I hope that this brief discussion of your exemption rights in property will calm your fears that you would lose all your property if you decide to file bankruptcy.
Call for an appointment to allow us to discuss your particular circumstances.
I want to share with you my experience in bankruptcy and other areas of the law, my training, and my education. My experience can be of great benefit to you in helping you deal with your financial difficulties.