Understanding Ohio Bankruptcy laws can be rather confusing. The law must be outlined to the letter and is written in legal jargon. Worse yet, the law was rewritten poorly--primarily by credit card lobbyists--in 2005, in such obtuse language as to render some sections, like the infamous "dangling paragraph", nearly meaningless. It can also make filing legal paperwork a nightmare. Without a dedicated Bankruptcy lawyer, it is surprisingly easy to get bogged down in Bankruptcy paperwork, perhaps even enough to make you decide not to go ahead with filing.
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If your credit is damaged and creditors are harassing you at every turn, it is in your best interest to speak with an attorney to help you determine if Bankruptcy might be the best option. Your attorney will understand all of the Ohio Bankruptcy laws and will help you quickly understand what filing can and cannot do for Ohioans. If you are looking to clean up your credit but don't know which type of Bankruptcy to file, you attorney can help. Better still, they can help you determine whether you will be able to retain your home, your car, and other valuable possessions--in Ohio, state-specific supplements to the federal law will make all the difference as to which options are right for you: the state's median income for a family of like size determines which Chapter you'll probably file, and Ohio Revised Code Section 2329.66 determines what property you'll keep.
While they may seem overwhelming to look at, Ohio Bankruptcy laws are in place for your protection. One large protection that they offer is that they allow you to protect your assets. There are numerous deductions that are offered per filer when it comes to Bankruptcy. In Ohio, you can claim exemption on $20,200 of a personal residence, $3,225 of a car, $10,775 of household goods, and much more. If you are filing jointly for Bankruptcy, your spouse can make the same exemption on any some property that is held jointly, which greatly reduces the chance that your creditors can liquidate the asset or put a lien on it.
Another important thing to realize when it comes to asset exemptions is that there are many things that cannot be taken by your creditors. Your creditors cannot take your unemployment benefits, health insurance, burial plots, disability assistance, or IRAs, or student loans. They also cannot take most pension or retirement allowances. For people bogged down in debt and living on a meager income, the fear of having retirement or other benefits garnished is enough to keep them from filing. Few people realize that Ohio Bankruptcy laws protect them in such situations.
Bankruptcy law is not designed to cause anyone to go further into debt. While there are repayment options under Chapter 13 for people who have the money and assets to do so, many people are not forced to give up assets or repay their unsecured debts. Bankruptcy is a chance to get a clean slate and to build positive credit. If you are in need of this service, choosing an attorney who focuses on Ohio Bankruptcy laws can offer you just the help you need.
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