Cincinnati Bankruptcy Exemption Lawyers
The bankruptcy laws allow people to keep large amounts of property out of the reach of creditors. In fact, most people are able to keep all of their property. The exceptions are usually those items for which the filer has a large loan obligation such as an expensive car, recreational vehicle or investment property. Even in those cases, there may be ways that can enable the filer to keep those possessions as well.
At Zingarelli & Lawrence, our goal is to help each person keep as much property as possible while obtaining maximum debt relief. We make full use of every available exemption, and we have creative solutions to challenging problems.
Contact us today for a no-obligation consultation.
Keeping Your Property
A resident of Ohio filing bankruptcy must claim the exemptions provided by Ohio law . Some of the Ohio property exemptions include:
- Personal home — $21,625 for a single filer/$43,250.00 for married filers
- Vehicle — $ 3,450 per vehicle (one vehicle per filer)
- Household goods and personal possessions — $11,525 for a single filer/$23,050 for married filers
- Jewelry — $1,450 for a single filer/$2,900 for married filers
- Wild card — $1,150 for a single filer/$2,300 for married filers
In addition, all qualified retirement accounts such as 401(k)s, 403(b)s and IRA accounts are exempt, as are 529 and Coverdell ESA contributions made more than two years before filing. Unemployment benefits, workers' compensation benefits and Social Security income are exempt as well.
You must live in Ohio for an uninterrupted period of two years to claim the Ohio exemptions. If you have lived part of that time in Kentucky or another state, in most cases, you must claim the federal exemptions.
Creative Debt Solutions
Zingarelli & Lawrence provides a personalized solution for every client. A lawyer at our firm will carefully examine your financial situation and property to develop a strategy designed to enable you to keep as much of your property as possible.
No-Obligation Consultation With an Attorney
Contact Zingarelli & Lawrence for a no-obligation initial consultation. We have offices in downtown Cincinnati, Ohio, and Florence and Warsaw, Kentucky, to serve you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
