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Chapter 7 Bankruptcy Exemptions in Cincinnati

As part of the normal Chapter 7 bankruptcy process, you will need to report all of the assets that you possess. Once you have done so, the Cincinnati bankruptcy court will begin liquidating any assets that may not be held exempt from the process in order to pay your creditors. With that in mind, you will have some control over which of your assets will be exempted and, thereby, over what you will take with you to this next stage of your life.

If you are struggling with insurmountable debt in Cincinnati, you should speak with a Cincinnati Chapter 7 bankruptcy attorney at Ryan J. Ruehle Attorney at Law, LLC, about the options you have at your disposal.

Exemptible Forms of Property in Chapter 7 Bankruptcy

After filing for Chapter 7 bankruptcy in Cincinnati, there are certain forms and amounts of property that may be protected from liquidation, including the following:

  • Your home
  • Your vehicle
  • A fixed amount of cash
  • A fixed value of jewelry
  • Certain retirement accounts
  • All types of governmental pension
  • Tools or equipment that are essential to your livelihood
  • Court-awarded settlements
  • Gifts

In some states, you may choose between federal and state exemptions. In Ohio, however, you must use the state’s exemptions. As you work your way through the bankruptcy process, you need to remember that you will not be left without those possessions that will likely be central to rebuilding your future.

Consult with Chapter 7 Bankruptcy Lawyers in Cincinnati

If you are considering whether to file for Chapter 7 bankruptcy in Cincinnati, you should consult with bankruptcy attorneys with Ryan J. Ruehle Attorney at Law, LLC, to better understand what the short- and long-term effects of bankruptcy might be for you. To discuss the particulars of your financial circumstances with one of our Cincinnati bankruptcy attorneys, please call our Cincinnati offices at (513) 621-0999 today.

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