Public Benefit Exemptions in Ohio
The state of Ohio provides some bankruptcy exemptions that are specifically made for debtors in the state when filing. These exemptions provide some special protections for debtors facing Chapter 7 bankruptcy. This type of bankruptcy may require a debtor to surrender some portion of his or her property and assets to bankruptcy sale, the proceeds of which are then distributed amongst creditors. However, some of their property may be protected by a state exemption, and in most cases a debtor will be able to retain nearly all of his or her assets. This can include benefits granted from public programs.
For more information regarding your legal options while pursuing a Chapter 7 bankruptcy, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.
Types of Public Benefit Exemptions
In the state of Ohio, the bankruptcy code offers some special protections for debtors undergoing Chapter 7. Public benefits are available for a debtor through exemptions in the state bankruptcy laws in many situations. These benefits often provide important financial considerations for necessary or particularly useful properties.
The following benefits are protected under the law in case of a bankruptcy:
- Unemployment benefits
- Workers’ compensation
- Rehabilitation programs for work
- Assistance compensation
- Tuition credits
- Crime victim’s compensation
In the case of a crime victim’s compensation, the law specifically states that the compensation needs to have been received at least one year prior to filing.
If you or someone you know is going through a difficult financial crisis, bankruptcy may be an effective solution. To learn more about your rights and options as a debtor, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.