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Keeping Your Property After Bankruptcy

Once you choose to declare Chapter 7 bankruptcy, you will be required to make a full report of all of the assets you possess to the bankruptcy court. In doing so, the court will begin liquidating eligible assets to help pay your debts. Since only eligible assets will be liquidated, some of the property you own will be protected from this process.

If you are considering whether to file for Chapter 7 bankruptcy, you should discuss your options with an experienced Cincinnati Chapter 7 bankruptcy attorney at Ryan J. Ruehle Attorney at Law, LLC before you make your decision; our legal team can help you anticipate the full range of effects that bankruptcy is likely to have on the rest of your life.

Property Exemptions in Ohio

Critically, there a number of exemptions to the kinds of property that may be liquidated after you file for bankruptcy. With that in mind, the following forms of property are typically protected from the asset liquidation process up to a certain amount:

  • Homestead
  • Vehicle
  • Fixed value of cash
  • Fixed value of jewelry
  • Tools that are essential to an individual’s livelihood
  • Court-awarded money
  • Gifts

You need to remember that you will not come out of your bankruptcy without any possessions and, in fact, some people actually end up losing nothing at all.

Consult with a Cincinnati Bankruptcy Attorney

If you plan on filing for bankruptcy in Cincinnati, consider speaking with a Cincinnati personal bankruptcy attorney with Ryan J. Ruehle Attorney at Law, LLC to learn more about the short- and long-term effects of that action. To discuss the particulars of your situation with our bankruptcy attorneys, please call us at (513) 621-0999 today.

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