3 Types of Bankruptcy Exemptions You Should Not Forget
When filing for bankruptcy, you should ensure that you identify all options available to help you through the process. Although bankruptcy does present a path to freedom from insurmountable debt, that path can prove difficult without substantial help.
If you are being pursued by creditors or collection agencies and are struggling to make headway against your debt, it is advisable to consider bankruptcy. To learn more about how the experience and determination of a veteran attorney can help you, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675.
A debtor who is filing for bankruptcy protection may protect a certain portion of his or her assets from inclusion in the bankruptcy proceedings through the use of exemptions made available under the law. These are three critically important bankruptcy exemptions that a filer should not forget:
#1: Save Your Home
Perhaps the most important bankruptcy exemption available is one that can help you keep a roof above your head. The homestead exemption is available through Ohio’s state bankruptcy code, making residential properties up to $5,000 exempt from Chapter 7 proceedings.
#2: Save Your Paycheck
Two exemptions are available to protect a person’s employment and wages. The first is a “tools of the trade” exemption, which protects up to $750 of employment-based property that is needed to complete daily work. The other is a 75 percent protection on wages that have been earned by have not yet been paid.
#3: Save Your Benefits
Under Ohio’s bankruptcy law, a person may keep a variety of benefits while filing for Chapter 7 bankruptcy. In particular, most public employees are allowed to continue collecting their pension or other types of necessary financial support. Disability benefits, unemployment checks, and workers’ compensation are also protected under the state’s bankruptcy code.
If you are facing Chapter 7 bankruptcy, there is no reason to go through it without the assistance of an experienced advisor. For more information regarding your rights and options as a debtor facing bankruptcy, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.