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Combined with your ability to remain current in your mortgage payments, you will likely be able to keep your home in bankruptcy. Ohio law provides a significant exemption enabling most to proceed with Chapter 7 even if there is equity in a residence.

Exempt property is property that the debtor can protect from liquidation. The Bankruptcy Code allows each state to adopt its own exemption laws, which the debtor can select instead of the federal exemptions.

Bankruptcy Exemptions Commonly Used in Ohio AmountExemptionLaw$475Cash on hand or deposit2329.66(A)(3)$3,775Value in one motor vehicle2329.66(A)(2)$12,625Value in household goods, such as furnishings and appliances, up to a value of $600 per individual item2329.66(A)(4)(a)$1,600value in jewelry2329.66(A)(4)(b)11 more rows

Without court approval, the Chapter 7 Trustee can force the recipient to return the money or property. However, the income you receive after filing your case is yours to use. Spend, save, or invest it ? the Chapter 7 Trustee has no right to take the money or question what you do with it.

Exempted property in a bankruptcy can include the car you need to drive to work and to the store for food. It can include the tools you need to do your job. It can include the house in which you live, and the furniture and appliances and other household goods that make the house your home.

You can have up to $500 in cash on hand or in your bank account. Household items are exempt up to $325, for a maximum of $13,400. Single items that are worth more than $600 are not exempt.