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bankruptcy exemptions Archives

Reviewing household item exemptions

Many in Cuyahoga Falls may hold misconceptions about personal bankruptcy, the chief among these being that it is somehow perceived to be a way for one to take "the easy way out" from their financial struggles. The fact that (according to information compiled by the U.S. Judiciary Branch) there were 12.8 million consumer bankruptcy petitions filed in the U.S. between 2005 and 2017 might seem to reinforce this assumption. Yet in reality, there is nothing easy about the decision to seek bankruptcy protection. Those faced with it also have to worry about that impact that it may have on their property and assets. 

Keeping your home and vehicle in a bankruptcy

The bankruptcy courts in Ohio understand that by declaring bankruptcy, you are seeking a fresh start. However, without certain assets, such as a home and a vehicle, some people's fresh start could become as challenging as their struggle with overwhelming debt. At Debra Booher & Associates Co., LPA, we help our clients understand how exemptions are designed to ensure that they are able to take advantage of the benefits of bankruptcy without losing all of their resources.

The Ohio homestead exemption may allow you to keep your home

At Debra Booher & Associates Co., LPA, in Ohio, we understand that worries over housing may be a major concern for anyone considering filing Chapter 7 bankruptcy. After all, if you lose your house, you must find a new place to live and move during a time when you are already struggling. You may be able to forego this stressful experience and keep your home, though, thanks to the Ohio bankruptcy homestead exemption.

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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