Theme: Find Yourself An Experienced Bankruptcy Attorney From Columbus To Help You File
December 19, 2009All property owed by a bankruptcy petitioner falls under the supervisor of the bankruptcy court’s trustee that’s assigned to your case once the paperwork is in the hands of the court. Whether you have filed Chapter 13 or Chapter 7, the court might ultimately advise that some of your property and possessions be liquidated to pay off creditors. However, the court recognizes that some property needs to be retained for day to day living and allows such belongings to be termed “exempt” by your Columbus bankruptcy lawyer and the bankruptcy court.
The definition of “exempt” assets varies from say to state but generally the term means any assets that can’t be seized by creditor of the court. These things include things such as your toothbrush, your hair brush, and “ordinary” furniture (as compared to exotic or very high-priced furnishings). Items deemed medically necessary are also considered exempt in most says. Some examples are walkers, contact lenses, prosthetic limbs, crutches and wheelchairs. Columbus bankruptcy attorney can provide you with a more complete list accepted by the Ohio bankruptcy court.
The limits on the monetary value of these assets also varies from state to say. For example, the value of your clothing may be exempt up to a certain value and non-exempt over that. Jewelry also can be retained up to certain limits. For example, if your wedding ring is extremely high-priced or exotic, it may not be considered exempt. But, before you panic, check with your Columbus bankruptcy attorney.
The following assets are considered exempt in most states: