What property can I keep?

 A. You are entitled to keep property even after filing your bankruptcy. This property is called your “exempt property” because it is exempt from the Bankruptcy Trustee's control and, unless it is security (collateral) for a debt, you get to keep it even after your bankruptcy. For property that is collateral, see the secured debt question. 

The exemptions below apply to equity in your property. Equity is the amount by which the current market value of your property (what you could sell it for, generally wholesale value) exceeds the present payoff balance of the debt having that property as security. 

Of course, if you own property free and clear, then the equity is its current market value. For example, if you owe $600 on a car worth $1000, then the equity in this car is $400. If you own the same car free and clear, then your equity in that car is $1000. As you can see from the exemptions below, if you own your car free and clear and the car is worth $1000 or less, then your car is exempt and you get to keep it. Of course, if you owe money on your car and the car equity is $1000 or less, then you will get to keep the car provided you continue to make the car payments. 

Here are some of the Ohio exemptions to which you are entitled (Federal exemptions are different.): 

Each person’s motor vehicle -$1 000.00 exemption ($2,000/couple) 

House used as a residence - $5,000.00 exemption ($10,000/couple)

 Because of these and other exemptions, most people who file bankruptcy keep almost all their property. In fact, a great majority of all chapter 7 bankruptcies that are filed are found to be "no asset" cases.  Attorney Bodor will use all the available state and federal exemptions to help protect your property.