Insurance Exemptions for Bankruptcy in Ohio
Pursuing bankruptcy protection can bring a debtor tremendous anxiety, in part because of an uncertainty regarding which property or assets may be excluded from consideration. The law allows for bankruptcy filers to claim some things as exemptions, and in Ohio certain insurance policies may be protected as such. These exemptions are available to any capable of debtor filing for bankruptcy.
Insurance benefits can be critical in establishing financial support for an individual or family who is already facing significant challenges. For assistance in seeking to protect yours as you enter bankruptcy, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.
Types of Insurance Exemptions
Insurance exemptions in Ohio need to be filed early in the consideration of a bankruptcy case. A debtor should consult with a legal advisor regarding the specific timeframe and manner in which these exemptions should be filed.
The following exemptions are available in Ohio to protect insurance policies and similar assets:
- $600 each month for disability benefits
- Group life insurance
- Life insurance for a spouse
- Life insurance that specifically disallows the proceeds to go to creditors
- $5000 in benevolent society benefit money
- Benefit money provided by a fraternal society
If you are facing bankruptcy, it is important that you do not enter the process without being advised of your rights and the means by which you can protect your assets and property. For more information regarding your exemption options, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, today by calling (239) 237-0675.