THE NEEDLEMAN LAW OFFICE
ATTORNEY SCOTT R. NEEDLEMAN
Columbus Ohio Bankruptcy
If Chapter 7 bankruptcy is on the horizon, there will be a big question on your mind: how much property am I allowed to keep?
The answer to this question is not the same for every person, as it is based on the type of property, how much it is worth, the exemptions that you can use, and the state in which you live.
Exemptions in Chapter 7
Generally speaking, when you file for Chapter 7 bankruptcy your assets will become part of the bankruptcy estate.
At that point, a trustee is appointed by the court to sell these assets as a means of paying back creditors. That being said, just because you file does not mean that you have to give up all of your property.
Exemptions allow you to keep some of your assets, ensuring that you are in position to make a fresh start once you exit bankruptcy.
In the case of a Chapter 7 filing, if you can put an asset in exempt status, the trustee is not permitted to sell it.
In addition to the federal system, Ohio has its own exemptions in place. Along with this, some states require that you use their exemptions while others allow you to rely on the federal system.
Note: the amount of property you can exempt will depend largely on the state in which you live.
Ohio, as well as the federal system, allows you to exempt property, such as money in bank accounts and your vehicle. Along with this, you will likely be able to keep some of the equity in your home due to the homestead exemption.
Note: there are states that have a homestead exemption, allowing you to retain your home even if you own it outright.
Consult with a Columbus Ohio Chapter 7 Bankruptcy Attorney First!
Before you decide for or against filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, consult with an attorney who can explain how your assets will be treated. This will give you a better idea of the property you can exempt and what you may lose if you move forward.
Posted By: Danny Worth his weight in gold
The best Attorney i had and does'nt play games and straight forward. If it can be done he will get the job done. He did damage control on another well known inexperienced law firm in columbus (clowns) messed up. Scott you're the best!
Posted By: Stephen Very Pleased
Scott Needleman is a wealth of knowledge, his service was accurate and timely. The service provided exceed the price. Thank you.
Posted By: Candice Great Lawyer
He made me feel comfortable from the beginning. I'm so glad a friend suggested him to me. He made the process as easy as possible and I can't thank him enough for his help!
Posted By: William No non-sense
I hires Scott to do a chapter 13. He was/is current with revised laws, knowledgeable, tough and looks out for his customers. And he was a boxer. YIKES!
Posted By: Winfield Chapter 7 Bankruptcy Case
Scott did a good job when I had to file for bankruptcy. He helped me eliminate my credit card debt and it only took 4 months. It didn't take the entire 6 months that I was expecting.
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