Family Obligations and Bankruptcy Exemptions
The state of Ohio provides many important exemptions for a debtor looking to protect key properties or sources of income during bankruptcy. A debtor may have the option of choosing between state and federal exemptions for the best financial protection for his or her needs during Chapter 7 bankruptcy if the state allows it. In terms of Ohio’s exemptions, there are some instances when state exemptions can best help a divided couple or family.
Bankruptcy can be a difficult situation for anyone, especially a divorced or divided family. For more information regarding your legal rights and options as a debtor, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.
Bankruptcy and Family Law Issues
Many problems can arise between couples that eventually lead to a divorce or separation. If the couple was married at the time or had a child, there may be some serious issues for them to work through at the time of the divorce, such as child support and alimony. These issues can become much more stressful during times of financial difficulty.
As a result, the following obligations may be considered exempt under Ohio’s state bankruptcy exemptions:
- Alimony income
- Child support income
- Shared property under the wild card exemption
- Shared business properties
These exemptions can help a person going through bankruptcy guard important sources of income or property. If someone is experiencing bankruptcy and still required to make these payments, though, they may be allowed to request a pause in their alimony or child support payments.
If you are considering filing for bankruptcy, there may be exemptions available that can help you save some of your property or protect your income. To learn more about your legal options as a debtor, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675.