LEGAL NEWS YOU CAN USE FROM THE DESK OF MICHAEL S. BAILEY, ATTORNEY-AT-LAW.
If you have questions, call me at (513) 631-0022.
Did you know that you are allowed to keep assets in a Chapter 7 or Chapter 13 bankruptcy?
Ohio has recently enacted new exemption laws. These new exemption laws have application in Chapter 7 and Chapter 13 bankruptcies. Under the exemption laws, you are entitled to retain up to certain limits of the value of your assets in a bankruptcy.
For example, you are allowed to retain up to $145,425.00 per person of equity in real estate, and $4,000.00 per person of equity in automobiles. You are also entitled to retain 100% of the value of your retirement plans, such as pensions, 401k’s, IRA’s, etc.
This insight into the law is provided by Michael S. Bailey, Esq. of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood and Western Hills. Phone: (513) 631-0022.
