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
- 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.