Each state has specific exemptions for personal property that may be retained in bankruptcy cases. Our firm provides bankruptcy representation to clients in Xenia, Fairborn, Jamestown, Beavercreek, and Dayton Ohio.
For some types of property, there are specific monetary limits for exemptions in Ohio. The amounts include a residential property value exemption of $132,900, vehicle equity of $3,675, household furnishings, appliances, and other personal property can be exempt up to $12,250, $1,550 in jewelry and $2,325 in tools of trade.
You can claim unlimited exemptions for other funds, benefits and assets. The exemption is unlimited for beneficiary funds of life and health insurance, worker’s compensation, unemployment benefits, disability financial assistance, retirement funds, child and spousal support, and right to receive or payments received in the past twelve months for reparations or wrongful death, and IRS exemptions of payments under Earned Income and Child Tax credits. There is also an exemption for burial lots, living maintenance, partnership property, tuition contracts, and personal earnings of 75% of disposable earnings or up to 100 times he federal minim wage for monthly earnings.
We can offer advice about how state and federal exemptions affect your bankruptcy filing. We provide free consultations for individuals in Xenia, Fairborn, Jamestown, Beavercreek, and Dayton Ohio, so you can learn more about bankruptcy law and exemptions. Please contact our office to schedule an appointment for a consultation.