Benevolent Society Membership and Bankruptcy
Benevolent societies have been a long-standing presence in America, often working to organize community action and to help members stay financially stable in times of trouble. These societies can provide a variety of benefits to their members. In terms of financial benefits, benevolent societies work by spreading out risk to members in an informal sort of insurance. When a member falls on hard times, they may turn to their social fellows for help.
For more information regarding your legal rights and options as a debtor during bankruptcy, or for guidance regarding how you might protect your benevolent society benefits, contact Florida bankruptcy exemption lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.
How Society Membership Is Treated by the State
In Ohio, benevolent societies are respected for their ability to provide financial assistance for needy members. This means that the state will offer a bankruptcy exemption to certain funds provided by a benevolent society. A debtor facing bankruptcy may protect these often crucial forms of income through a state exemption.
The following types of organizations may be considered benevolent societies:
- Fraternities and sororities
- Service institutions
- Healthcare groups
- Religious organizations
In Ohio, a debtor is allowed to file for bankruptcy protection of up to $5,000 in society benefits when they go through bankruptcy. As a state exemption, a debtor must file for this exemption before going forward with the remainder of their bankruptcy proceedings.
If you are facing serious financial problems and are struggling to cope with your debt, bankruptcy may be the right solution. For more information regarding your legal rights and options as a debtor, contact Florida bankruptcy exemption attorney Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675.