Property Exemption Limits
The state of Ohio provides a property exemption available on personal property in bankruptcy. A person may protect this property from the bankruptcy proceedings in instances of Chapter 7 collection. These exemptions will protect property from collection, but will only allow this protection up to a certain maximum value. If the exemption does not cover the worth of the property, that debtor may be able to address the remaining amount with another exemption such as a wildcard exemption.
To learn more about your options when filing for bankruptcy, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today. We can help you to ensure that you understand your legal rights and that your interests are properly protected in the course of a bankruptcy filing.
Personal Property Value Limits
In many cases, personal property belongings are important for a person’s day-to-day life. Beyond just providing convenience, many of these items, such as refrigerators, are extremely useful for daily life.
According to Ohio state law, the following properties may be protected by personal property exemptions up to these limits:
- Vehicles up to $1,000
- Beds and bedding up to $200
- Clothing up to $200
- Crops up to $200
- Books up to $200
- Appliances up to $200
- Hunting and fishing equipment up to $200
- Guns up to $200
- Musical instruments up to $200
In the case of many of these items, there is an overall cap of $1,500 on personal property in total.
If you have been considering bankruptcy, we may be able to help you with the legal complexities of bankruptcy proceedings. For more information regarding your options, contact Florida bankruptcy exemption lawyer Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675.