Ohio Bankruptcy Exemptions

As of April 1, 2013 the exemption amounts for the State of Ohio have been adjusted. Exemptions are laws in effect which state the amount of assets you can protect in a bankruptcy. The homestead exemption (which protects your home) has increased to $132,900.00 per debtor. This means that a single debtor can have $132,900.00 or a couple may have $265,800.00 of equity in their homestead dwelling and still retain it in Chapter 7 Bankruptcy. Other exemptions have also increased, such as motor vehicle, cash on hand, jewelry, personal injury awards, etc.. Under these new exemptions debtors can file for bankruptcy in Ohio and protect more of their assets. Contact our office today for your free consultation to see if bankruptcy is the right choice for you.