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I Live in Ohio. Will I Lose Everything If I File Bankruptcy?

On Behalf of | Nov 7, 2011 | Bankruptcy

In a Chapter 7 case, you can keep all property which the law says is exempt from the claims of creditors. The exemption law that applies to you depends upon the state you reside in.

If you live in Ohio, you must use the Ohio exemption law. You cannot use the federal exemptions. You should consult a skilled bankruptcy attorney to discuss with you how Ohio exemption laws apply to your individual case. Ohio exemptions include:

  • $21,625.00 in equity in your home;
  • $3,450.00 in equity in your car;
  • $525.00 per item in any household goods up to a total of $11,525.00;
  • $2,175.00 in things you need for your job (tools, books, etc.);
  • $1,075.00 in any other personal property;
  • Your right to receive certain benefits such as social security, unemployment compensation, veteran’s benefits, public assistance, and pensions.

It is very important to note that the property exemptions apply to the individual person filing bankruptcy; if you file bankruptcy with your spouse, the exemption amounts are doubled.