Ohio’s Motor Vehicle Bankruptcy Exemption
The state of Ohio has specific rules regarding an individual’s ability to exempt their motor vehicle from Chapter 7 bankruptcy proceedings. A filer may be able to retain their vehicle even through the completion of their bankruptcy case. The proper claiming of exemptions can be very complicated, however, and the failure to position one’s case appropriately can needlessly expose one’s property to the threat of bankruptcy sale.
If you are considering Chapter 7 bankruptcy and have concerns regarding your car, it is advisable to speak with an experienced attorney. Contact Florida Chapter 7 bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675.
How Does the Motor Vehicle Exemption Work?
In the state of Ohio, debtors considering filing for bankruptcy may want to take advantage of the state motor vehicle exemption. This exemption can help debtors in the following way:
- Single filers may exempt a vehicle up to $3,450
- Joint filers, filing together as a married couple, can exempt double that amount
- This exemption may be supplemented with the wild card exemption up to $1,150 more
This exemption can only be used on one vehicle, and may only be useful if the exemption amount sufficiently covers the equity of the vehicle.
Filing for bankruptcy cannot be taken lightly, and the failure to take appropriate care may have a negative effect on your case. For skilled and compassionate legal counsel and representation, contact Florida Chapter 7 bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.