Protecting Your Property: Bankruptcy Exemptions in Ohio
A major concern people have when considering filing for bankruptcy protection is how to keep their property. The amount of property you are allowed to keep depends on the Bankruptcy Exemptions in Ohio that you claim. These exemptions allow bankruptcy filers to get the fresh financial start they seek while keeping their property.
However, there are limits to what a person can claim as exempt when filing bankruptcy. Ohio Revised Code section 2329.66 lists the bankruptcy exemptions in Ohio; the property that can be protected. Most of the time you can apply these exemptions and protect everything you own – but this depends on the specific facts of your case. Maximizing these exemptions is one of the benefits an experienced bankruptcy attorney can provide. Exemption planning can range from the timing of the actual filing of your bankruptcy to converting your non-exempt assets into exempt ones.
There are federal bankruptcy exemptions and state specific exemptions that you can use to protect your property. Depending on what state you live in and for how long determines what exemptions you can use. First you look at your place of residence for the two years prior to filing your case. If you lived in Ohio for this two year period of time then you could use the bankruptcy exemptions in Ohio. If you lived out of state within the last two years you would have to use the exemptions of the state where you were domiciled for the longer part of the 6 month period before the two years before filing your case.