Let the attorneys at Blomgren & Bobka in Cleveland, OH explain how you can file bankruptcy and keep important property. One of the most important steps in deciding whether to file personal bankruptcy - and whether Chapter 7 or Chapter 13 will work for you - is knowing what property you will be able to keep afterward. Some assets are non-exempt, which means a bankruptcy trustee will collect and use or sell them to pay your creditors. Others are exempt and can be protected when you file.
Although the U.S. Bankruptcy Code is federal law, Ohio has its own exemption scheme. When you consult a lawyer at the Cleveland firm Blomgren & Bobka Co., L.P.A., you can depend on a caring, focused approach and current information. Ohio law on bankruptcy exemptions has recently changed in favor of filers, and we can explain how the court will treat your assets.
Protection of Your Home, Car, Retirement Accounts, and Other Property
Many people are understandably concerned with finding a form of debt relief that allows them to stay in their homes and keep their vehicles. Generally speaking:
- If you are behind on mortgage payments and trying to prevent foreclosure on your home, Chapter 13 bankruptcy may provide a solution.
- You may be also able to file Chapter 7 bankruptcy and stay in your home — protecting up to $20,200 per person in equity under the new law. However, Chapter 7 bankruptcy will not permanently stop a pending foreclosure.
- You can typically protect up to $3,225 in equity in a motor vehicle. Although keeping a luxury car may not be possible or practical, you can hang on to basic transportation. Reaffirmation agreements and trustee-approved payment plans are also possible in some cases.
Read more about Ohio Laws
When personal debt gets unmanageable, it is a common mistake for people to drain retirement accounts -paying severe penalties - or sell off other assets below their value in an effort to keep up with bills. Qualified retirement accounts such as 401(k) plans and pensions are exempt assets you can keep after bankruptcy. Before you take such desperate measures, please call us to learn about debt relief options and exemptions assets.
Contact Blomgren & Bobka at 216-622-1234 to learn more about Cleveland, OH bankruptcy law options. Call for a Free Consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
