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bankruptcy exemptions Archives

Should I use the money in my retirement accounts to pay my debts?

If the income from your Ohio employer is not sufficient to cover your mortgage payments, credit card bills, medical bills and living expenses, you may be looking for other ways to increase your available funds. You have been contributing to various retirement accounts for years, and although you would lose some to penalties and taxes, it may seem tempting to withdraw the money to keep you afloat. But is this a good idea?

Income that cannot be touched in your bankruptcy

At Debra Booher & Associates Co., LPA, in Ohio, we understand that sometimes people want to file for an Ohio bankruptcy, but they worry that the trustee will use certain sources of income beyond their earnings to pay creditors, leaving them without adequate support. Fortunately, Ohio has set up many exemptions that protect certain benefits you may be receiving.

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.

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