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* Bankruptcy Exemptions

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* Psychology of Debt

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* What Will I Lose?

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Bankruptcy Exemptions

Cleveland Bankruptcy Lawyer

When you decided to declare bankruptcy, you will have to determine whether Chapter 7 or Chapter 13 is right for you. With both of these types of consumer bankruptcy, some of your assets will be seized and liquidated in order to collect some money to pay off your outstanding debts. Contrary to bankruptcy myth, however, this does not mean that all of your possessions and savings will be seized. Federal and state laws protect certain assets from this portion of the bankruptcy proceedings. If you are concerned about what you will lose, schedule an appointment with a Cleveland bankruptcy attorney at the Russo Law Firm. During a free consultation, we can review your finances and walk you through the bankruptcy process. Life after bankruptcy is not as bare as you might be imagining.

Types of Bankruptcy Exemptions

• one parcel or item of real or personal property that he or his family uses as a residence. (O.R.C. 2329.66(A)(1)(a).) In all other judgments, a debtor may claim exemption of his interest, up to twenty thousand two hundred dollars ($20,200.00) in one parcel or item of real or personal property that he or his family uses as a residence

• three thousand two hundred twenty five dollars ($3,225.00) in one automobile

• four hundred dollars ($400.00) in cash

• Death benefits from a benevolent society, $5,000

• Personal injury awards (excluding pain and suffering) twenty thousand two hundred dollars, $20,200

• Household goods and furnishings maximum of ten thousand seven hundred and seventy five dollars = $10,775

• Jewelry, if claiming homestead, $1,350

• Tools of trade, $750

• Wild card, can be used on any personal property, one thousand and seventy five dollars =$1,075

You may qualify for other exemptions.  The ones listed above are only a few of the exemptions available to you.

Note: The above exemptions are automatically adjusted based upon inflation.  The first adjustment for inflation was April 1, 2010 based on the "consumer price index."

To find out more contact a Cleveland Bankruptcy Attorney for a free initial consultation.  We will always explain the consequences of any action to you.

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CLEVELAND

OFFICE LOCATION

Cleveland (Main Office)

21380 Lorain Ave

Suite 201

Fairview Park, Ohio 44126

Phone: 440-447-0331

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     Please give me a call.  I will be sure that you are fully informed of the consequences of your choices.  Whether you need bankruptcy, foreclosure assistance, short sale, or just trying to save your home, you have to understand how this will effect your future. 

     I will personally make sure that you get the best information and treatment.  Being in debt and fighting for your home is a very trying time.  You need someone who will be able to explain your rights and help you and your family rebuild.

     I look forward to being your trusted advisor and assisting you in making the decisions you need.

                Sincerely,

                Angelo Russo, Esq.