Columbus Bankruptcy Exemptions Lawyer

One of the first questions people have when they consider filing for bankruptcy is, “Will I lose everything I own?” The short answer is no. Under the bankruptcy code, individuals who file for bankruptcy are allowed to claim certain property as exempt, including their home and car in most cases.

But exemption laws are complicated, which is why it’s important to retain the services of a lawyer who works on bankruptcy cases regularly. Filing bankruptcy on your own or using a less-experienced attorney can result in losing property you could have otherwise held on to.

At Marlatt Law Office, I can answer your questions about what assets you can expect to keep when filing for either Chapter 7 or Chapter 13 bankruptcy. I can take the necessary steps so that your home, car, retirement accounts and other important assets are protected.

What you keep may depend upon how quickly you act. Keeping the assets that are most important to you while you file for bankruptcy requires you to act early before a sheriff’s sale or repossession occurs. Call 614-523-3576 to schedule an appointment with a Columbus bankruptcy exemptions attorney at your earliest convenience.

In Ohio, you are not allowed to use the federal bankruptcy exemptions. The Ohio Homestead exemption allows debtors to protect up to $136,925.00 in real or personal property that they use as a residence. You can also retain $12,625.00 worth of household goods and clothing. Married couples filing jointly can double the exemption. Ohio also allows for exemption of a car up to $3,775.00 of equity. There are many other exemptions under Ohio law; contact me to schedule a free initial consultation if you have questions about what you can keep.

The focus for exemption purposes is on the equity in the car, not on its total value. For example, you could own a car worth $10,000 with a $7,000 loan. In this case, the car would be exempt under Ohio law because there is only $3,000 of equity.

Schedule a Free Consultation With a Delaware Property Exemptions Lawyer

Bankruptcy asset protection is a complex matter. It’s important to consult with a lawyer who has helped hundreds of other individuals protect their assets while filing for bankruptcy. Call 614-523-3576 or use my online contact form to schedule a free initial consultation.

 

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