Ohio’s Homestead Exemption
Bankruptcy exemptions are often available at the state level for those looking for some financial relief during Chapter 7 bankruptcy proceedings. While bankruptcy can be beneficial, this process can also prove stressful and result in a person losing much of their property. However, some real estate and property may be exempted under the state bankruptcy laws. This exemption is widely known as the homestead exemption.
If you are facing bankruptcy, you need professional legal counsel to ensure that you get the exemptions you deserve. To discuss your exemption options during a bankruptcy proceeding, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675.
The Homestead Exemption for Ohio
In general, the homestead exemption allows you to protect up to $25,000 of the value of your home or property so that it is not fully taxed. Thus, if your home is worth $200,000, it may only be taxed as a $175,000 property, which can save you important funds. This can sometimes stop banks from foreclosing on a home or even keep a person’s property from being subjected to bankruptcy proceedings.
As a property exemption, the homestead exemption may also be coupled with other exemptions that can apply. This can include less well-defined exemptions such as the $400 state wildcard exemption.
If you are considering bankruptcy as a solution for your financial problems, we may be able to help you throughout the process. For more information regarding your rights and options as a debtor, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675.