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Let our Columbus bankruptcy lawyers use state law to protect your property!
The sponsoring Columbus bankruptcy lawyers available to you through Legal Helpers can use Ohio State law to protect equity in our personal property. The experienced Columbus bankruptcy lawyers can explain to you that your equity - the difference between the market value of your property and the claims held against it - can be secured against creditors.
Here are some of the most common types of exemptions that our Columbus bankruptcy lawyers have used to help keep creditors' hands off their clients' cherished possessions. These are simply examples not legal advice because their practical application in each case is very involved as required the judgment of qualified Columbus bankruptcy lawyers.
Legal Helpers sponsored bankruptcy lawyers could use these Ohio exemptions to better serve your interests:
Homestead exemption
This exemption can be used to protect up to $5,000 in equity in your house per person to a maximum of $10,000. Unfortunately, this exemption cannot be used to protect rental property or a home that you are not living in.
Motor vehicle exemption
This exemption can be used to protect $1,000 in value of any one motor vehicle listed in your bankruptcy. Additionally, if you file with a spouse, you can use both vehicle exemptions to protect up to $2,000 in vehicle equity as long as both you and your spouse are on the title to the car.
Alimony support exemption
You may be able to exempt alimony, support, or separate maintenance money to the extent reasonably necessary to help support you during your time to bankruptcy.
Clothing, textbooks, Bible, family pictures exemption
This exemption allows Legal Helpers sponsored Columbus bankruptcy lawyers to protect $200 per item of various personal items such as your clothing and personal heirlooms up to a maximum of $2,000 per debtor.
Life insurance proceeds exemption
Under this exemption, you can protect 100% of a life insurance contract payable to a spouse, child or dependent.
Qualified retirement plan exemption
Creditors can be prevented from touching the proceeds of your hard earned retirement plan. You can exempt anything from stocks bonuses, pensions, profit sharing plans and annuities as long as they can be judged as being in a qualified retirement plan.
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