Debra Booher &Associates Co., Lpa Click here to get your free Legal evaluation
Call Us Today Toll Free
888-542-1300

You may keep many personal valuables in a Chapter 7 bankruptcy

You have considered bankruptcy to get out from under crushing debt in Ohio, but the thought of losing the few assets you have may be what has kept you from calling an attorney to start the process. We at Debra Booher & Associates have often assisted people in discovering which of their assets do not have to be liquidated during a Chapter 7 bankruptcy.

Perhaps you have an antique china cabinet your grandmother left to you. After a little online research, you determine you could probably make $300 on it if you can find a buyer. Will you have to sell it and turn the money over to the trustee so that it can be distributed to your creditors? According to the Bankruptcy Code, the value of the items in your household cannot exceed $10,775, and no single item can be worth more than $525. This includes the following:

  • Furnishings, appliances and other household goods
  • Clothing and other apparel
  • Musical instruments
  • Guns and outdoor equipment
  • Animals
  • Other household items that are for the personal use of you and your family

The house itself, your vehicle, tools you use for work and other real and personal property you own may also be exempt, but these are calculated separately, so you do not have to count them as you figure the value of your household items. Chances are, you will be able to keep your family heirloom, as well as most of the other items in your house. 

For more information about bankruptcy exemptions, please visit our webpage.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Map & Directions