Chapter 7 Bankruptcy Lawyer in Columbus, OH

What is Chapter 7?

Chapter 7 bankruptcy involves a liquidation of your assets to cover as much of your outstanding debts as possible. This process is complex—filled with exemptions and specifications—and requires extensive knowledge of the law. To qualify, you must pass a “means test” that proves you are unable to pay back your debts. If you qualify for Chapter 7, you’re eligible to have most of your debts discharged. The process generally takes three to six months to complete.

Ohio Exemptions

There are many federal exemptions to be aware of in declaring Chapter 7 bankruptcy; however, the State of Ohio mandates its own list of exemptions, so it’s important to work with a Chapter 7 bankruptcy attorney who’s familiar with the state exemptions. We are, and can help you retain claim to your assets under Ohio State guidelines. As part of our bankruptcy services, we can also leverage federal non-bankruptcy exemptions to help protect military retirement benefits and similar claims.

• $500 of cash on hand or deposit
• $4,000 of value in one motor vehicle
• $13,400 of value in household goods ($625 per item)
• $1,700 of value in jewelry
• $25,175 of value in a personal injury award (12 months)
• $1,325 of value in any property (wildcard)
• $2,550 of value in tools of the trade
• Crime victim’s compensation awarded (12 months)
• 75% of wages
• Private pensions
• Tax-exempt retirement accounts
• IRAs and Roth IRAs
• Disability assistance payments
• Workers’ compensation benefits
• Unemployment compensation benefits

These represent some of the most common exemptions under Ohio’s Chapter 7 bankruptcy law. For more information, we invite you to call us for a free consultation.