What is exempt from the reach of creditors?
Posted on Monday, January 20th, 2014 at 11:15 pm
At Lawrence & Associates Accident and Injury Lawyers, LLC, we take full advantage of all available property exemptions when we represent clients in bankruptcy proceedings. Our goal in your case will be to enable you to keep as much of your property as possible while obtaining maximum debt relief. In Kentucky, a person filing bankruptcy can choose to use either the Kentucky or federal property exemptions. In most cases, Lawrence & Associates Accident and Injury Lawyers, LLC recommends that our Kentucky clients use the more generous federal exemptions. However, Ohio bankruptcy filers are required to use Ohio’s state exemptions.
Some of the federal exemptions include…
- Personal home – $23,675 for a single filer/$47,350 for a married couple
- Vehicle – $3,775 for a single filer/$7,550 for a married couple
- Household goods and furnishings – $12,625 for a single filer/$25,250 for a married couple
Some of the Ohio state exemptions include…
- Personal home – $136,925 for a single filer/$273,850 for a married couple
- Vehicle – $3,775 for a single filer/$7,550 for a married couple (if both spouses are on the title)
- Household goods and furnishings – $12,625 for a single filer/$25,250 for a married couple
Many other items are exempt as well, such as tools of a trade. There is even a “wild card”, miscellaneous exemption that can be applied to any asset you want to protect. All qualified retirement accounts such as 401(k)s, 403(b)s and IRA accounts are exempt, as are 529 and Coverdell ESA contributions made more than two years before filing. You can also keep most unemployment benefits, workers’ compensation benefits and Social Security income.
