Can I keep certain personal items after filing for Chapter 7 Bankruptcy?

Yes, you can keep certain personal items after filing for Chapter 7 bankruptcy in Ohio. People filing for Chapter 7 in Ohio are able to keep their personal items, such as clothing, furniture, appliances, and household goods, including a home with a predetermined value. Bankruptcy filers in Ohio are also able to keep a car with a predetermined value. In addition, Ohio law allows for all necessary tools and materials used in a trade, profession or occupation to be exempt from seizure. This means that tools of the trade, including musical instruments used in a professional or occupation, may be kept. Certain jewelry items may also be kept, such as wedding and engagement rings, up to a certain value. In certain circumstances, you may also be able to keep certain amounts of cash, stock, securities, and other investments. For example, up to $425 of cash or up to $3,000 of property of the debtor’s aggregate interest in any particular item of tangible property is exempt from seizure. Filing for bankruptcy is a serious decision and requires a great deal of thought and consideration. Prior to filing for Chapter 7 in Ohio, it is recommended that you consult with a qualified attorney who can advise you of the exemptions available and help you determine which property can be kept.

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