What Can I Keep In Bankruptcy?

A common question posted by people considering filing for bankruptcy is: What can I keep if I file bankruptcy? Ohio law offers many bankruptcy exemptions, and most people who file for Chapter 7 bankruptcy are able to keep everything they own.

At The Rose Law Office, our Cincinnati bankruptcy attorneys can help you understand how bankruptcy law applies to your unique situation. With skilled bankruptcy planning, we will help you keep as much property as allowed under the law.

Some of the most common exemptions available in a Chapter 7 bankruptcy are:

  • Homestead exemption: $132,900 of value in one parcel of real estate or personal property that you use as your residence.
  • Vehicle: $3,675 of value in one motor vehicle.
  • Household goods: $12,250 in value in household goods, such as furniture and appliances.
  • Cash on hand: $450.
  • Tax exempt retirement accounts such as IRAs and 401(k)s.
  • Wildcard exemption: $1,225 of value in any property.
  • Tools of the trade: $2,325 of value in tools, books and other items necessary for your occupation.

This list includes some of the more common Ohio bankruptcy exemptions. There are many other exemptions that cover specific types of property. An experienced bankruptcy lawyer can thoroughly examine your situation to help you understand what you can and cannot keep in bankruptcy.

Contact Our Ohio Bankruptcy Exemptions Attorney

If you have questions about bankruptcy exemptions in Ohio, our attorneys are here for you. Contact us today online or by telephone at 513-621-7902 to arrange a consultation with an experienced Cincinnati bankruptcy exemption lawyer.

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