"I just can't take it anymore. I want to file bankruptcy but I don't want to lose my house, car, retirement funds, all my personal stuff."
If the above words sound farmiliar... then listen up. The following list, although not a complete list of exemptions, are some of the personal assets, as of April 1, 2010, that Ohio law would allow you to keep. Every 3 years after that, the numbers below are required to be adjusted to reflect the change in the consumer price index. The law on the amount of exemptions changes often and the amount may depend on several factors so we can go over this when you meet with us.
Call us for your free consultation at (216) 228-1166 or (216) 513-3344.
List of Exemptions as of April 1, 2010...
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Home $ 20,200 (of equity)
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Motor Vehicle $ 3,225 (of equity)
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Cash on Hand or Owed, Tax Refunds, and Money on Deposit $ 400
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Household Goods, Furnishings, Clothes, Appliances, Books, Animals, Crops, Musical Instruments, Guns, Hunting and Fishing Equipment $ 10,725
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Jewelry $ 1,350
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Tools of Trade $ 2,025 (of equity)
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IRS Exemptions 100% of payments under child tax credit & earned income tax credit
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Retirement Account Funds Including Pension, Benefit, Annuity, Retirement Allowance, Accumulated Contributions, PERS Deferred Compensation, Ohio Public Safety Officers Death benefit Fund, IRA, Roth IRA, Education Individual Retirement Account and Keogh or H.R. 10 Plan unlimited
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Child and Spousal Support unlimited
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Federal Exemptions (Various) unlimited
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General Exemption (Wild Card-anything you want) $ 1,075
