Often called liquidation bankruptcy, Chapter 7 bankruptcy involves selling off your assets to cover debts. If you have a limited income and mounting debts you have no hope of ever paying off, Sundberg Law Offices LLC can help you explore Chapter 7 bankruptcy. Our practice is conveniently located in Columbus and Clintonville, OH and we’ve practiced in the state for more than 20 years, giving us intimate knowledge of due process and important exemptions for filing Chapter 7 in the State of Ohio.
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.
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. 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.
Need to File Chapter 7?
For many people, Chapter 7 is a fresh start that can wipe away debts and alleviate the burden that comes with them. If you’re up against debts you have no hope of paying back, contact the Chapter 7 bankruptcy lawyers at Sundberg Law Offices LLC today at 614-227-9410. We’ll help you catalog your assets and review your situation through our bankruptcy services to determine if Chapter 7 or Chapter 13 is right for you.