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(330) 409-2876 or (877) 505-9455
FREE Debt Relief Consultation Call (330) 409-2876 or (877) 505-9455
Sheppard Law Offices
TALK TO AN OHIO BANKRUPTCY ATTORNEY TODAY (330) 409-2876
If your car is owned outright or has significant equity, your vehicle may be taken and sold at auction by the bankruptcy trustee in a chapter 7 bankruptcy filing or the trustee may seek to have you buy-out the vehicle’s equity. However, there are exemptions which can protect the equity in your motor vehicle.
The motor vehicle exemption in Ohio allows for each debtor in a chapter 7 bankruptcy to exempt up to $3,675 of the equity in one vehicle. If the value of your vehicle is greater than the amount of Ohio’s motor vehicle exemption, you may also choose to utilize the wildcard exemption to cover up to another $1,225 (per debtor) of equity of the vehicle.
Vehicles which are used for work may qualify for the Tools Of the Trade Exemption which provides an additional exemption of up to $2,325, while medically necessary vehicles (such as vehicles with assistive devices or operational aids) may qualify for unlimited protection in a chapter 7 bankruptcy filing.
Additionally, if the value of your car is still greater than the exemption amounts, the trustee can still choose to abandon your vehicle. This happens if when the trustee determines that there will be little or no money available to pay off unsecured creditors after expenses are deducted from the estimated proceeds of sale of the vehicle.
It is important to discuss the details of your specific situation at your free consultation with experienced Canton Ohio Bankruptcy Attorney, Kenneth Sheppard, Jr. to determine which exemptions you may qualify for; how the exemptions can be applied; and ultimately seek the best debt relief option for your specific situation.
Federal and Ohio bankruptcy exemption amounts change regularly. The exemptions listed on this site are current for Ohio bankruptcies as of 2/14/2014. Contact us today at (330) 409-2876 today for a free initial bankruptcy consultation.
Sheppard Law Offices
Canton, Ohio Office
Belden Village Tower, 200
Canton, Ohio 44718
Tel: (330) 409-2876
Columbus Ohio Office
2600 Tiller Lane, Suite A
Columbus, Ohio 43231
Tel: (614) 523-3106
Newark, Ohio Office
843 N. 21st Street, Suite 108
Newark, Ohio 43055
Tel: (740) 345-7138
Mt. Vernon, Ohio Office
11 West Gambier Street
Mt. Vernon, Ohio 43050
Tel: (740) 392-0404
We are a debt relief agency. We help people file for protection under the U.S. Bankruptcy Code.
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Sheppard Law Offices, LPA is conveniently located and serving chapter 7 and chapter 13 bankruptcy clients in Canton, Ohio. Our office is a short drive from throughout Stark, Tuscarawas, and Summit Counties. We regularly provide debt relief solutions to clients from Akron, Canton, North Canton, Massillon, Dover, New Philadelphia, Alliance, Navarre, Strasburg, Ballivor, Jackson Township, Canal Fulton, Barberton, Greenlawn, Medina, Wooster, Orrville, Dalton, Minerva, Ashland, Wadsworth, Carrollton, Dundee, Millersburg, Hartville, Doylestown, Green, Uniontown, Salem, Columbiana, Uniontown, and throughout Ohio.