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Bankruptcy in Ohio

Who Can File Bankruptcy in Ohio?

People wishing to file either Chapter 7 or Chapter 13 bankruptcy will need to meet the following requirements:

-Live in, own a business in, or own real estate in the State of Ohio

-Have not filed bankruptcy in the past 6 years

-Have attended an approval credit counseling program prior to filing

In addition to these requirements, people wishing to file for Chapter 7 bankruptcy will also have to meet the following requirement:

-Must prove that their annual income for the previous year was less than the average income in the State of Ohio for that same time period.

What Type of Debts Can Be Discharged As Part of a Bankruptcy Proceeding in Ohio?

Credit card debts, medical bills, utility bills, unsecured loans, and most other unsecured debts can be discharged as part of a bankruptcy proceeding in Ohio.  On the other hand, mortgages, car loans, home equity loans, and all other secured debts can not be discharged as part of a bankruptcy proceeding in Ohio.  In order to determine whether or not your debts will be eligible for discharge, you will need to determine if they are directly secured by any collateral.  If you have used any collateral in order to secure the loan, you will not be able to discharge the debt.

Will I lose my house and car if I file for bankruptcy in Ohio?

As part of a Chapter 7 bankruptcy settlement, Ohio law provides protection for a portion of your assets.  These laws are commonly referred to as property exemption laws.  The State of Ohio has the following property exemption laws.

-Homestead exemption of up to $5,000 in equity

-Up to $1,000 in equity in a single motor vehicle

-Up to $200 in clothing, beds, and bedding

-Up to $300 in one stove and one refrigerator

-Up to $400 in cash

-Up to $200 in other personal property such as household furnishings

-Up to $600 in jewelry

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