A chapter 7 bankruptcy allows you to discharge a wide variety of debts and get a second chance at life, but you may have to surrender some of your belongings in exchange. Fortunately, a skilled attorney can protect as many of your assets as possible, while helping you avoid common mistakes that can lead to fraud accusations and rejected petitions. Below are a few facts bankruptcy petitioners should know about protecting their assets in Ohio.
Protecting Assets in Bankruptcy
Like most other states, Ohio makes several types of property exempt from seizure, including $136,925 in the equity of your primary residence and up to $475 in cash. You may also exempt up to $3,775 in the value of one motor vehicle, any private pension or retirement accounts, and up to $600 of any personal possession as well as $1250 in any other asset. Married couples filing a joint petition may double the amount of the exemptions, so you may be able to receive bankruptcy protection without surrendering many belongings.
Hiring an Attorney
With their understanding of the code, a bankruptcy attorney will be able to explain the law and ensure you claim as many exemptions as possible. They may also be able to develop a strategy for keeping any non-exempt property without violating the bankruptcy rules. Making any moves to protect your belongings should always be done before filing the petition, as the trustee will closely examine any transfers that take place immediately before or afterward. If they decide you sold or transferred property to circumvent the court, they may have the authority to reverse the sale and seize the asset and possibly move to deny your bankruptcy.
For over 29 years, Cincinnati residents have relied on Nancy V. Jacob for help finding a way to escape the pressure of debt. Nancy knows how to guide those who are struggling through the debt relief process and ensure they get the most out of bankruptcy filing. Visit her website to learn more about chapter 7 bankruptcy, and call (513) 921-1400 to arrange a consultation.