Ohio Property Exempt from Bankruptcy

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 The Law Firm of Droder & Miller, 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 our Cincinnati bankruptcy exemption lawyers today for a no-obligation consultation.

Cincinnati Bankruptcy Exemption Lawyers Helping You Maintain 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 – $132,900 for a single filer/$265,800 for married filers
  • Vehicle – $3,675 per vehicle (one vehicle per filer)
  • Household goods and personal possessions – $12,250 for a single filer/$24,500 for married filers
  • Jewelry – $1,550 for a single filer/$3,100 for married filers
  • Wild card – $1,225 for a single filer/$2,450 for married filers

In addition, all qualified retirement accounts such as 401(k)s, 403(b)s and IRA are exempt, as are 529 and Coverdell ESA contributions made more than two years before filing. Unemployment benefits, workers’ compensation benefits and Supplemental 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 Ohio or another state, in most cases, you must claim the federal exemptions.

Our Ohio debt relief lawyers provide a personalized solution for every client. We 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.

Contact Our Cincinnati Debt Relief Attorneys for a Free Consultation

Keeping your property is our top priority. Contact Nick Zingarelli at The Law Firm of Droder & Miller for a no-obligation initial consultation today. With an office in downtown Cincinnati, Ohio, we serve clients throughout southwest Ohio and northern Kentucky.