Family Obligation Exemptions in Ohio’s Bankruptcy Laws

In the state of Ohio, many debtors can seek special exemptions during bankruptcy for their property or income if it falls under a particular category. These exemptions are available for a variety of forms of income and property. In some cases, a family or couple divided by divorce can use these exemptions to protect important obligation payments or shared properties left over from those proceedings.

A person looking to file for bankruptcy may decide to use Chapter 7 bankruptcy to clear out most of their debts. While this form of bankruptcy is useful in getting debts discharged instead of slowly repaid, it also results in a loss of most personal property and may even lead to certain garnishments or wage modifications in some cases.

One of the major exemptions available for families can help protect child support. This exemption allows families receiving child support from another parent to keep this form of income during bankruptcy proceedings.

In addition to child support, divorced spouses may keep their alimony payments through a special bankruptcy exemption. This allows these spouses, who may need alimony for financial support, to keep these assets without interference during bankruptcy.

If you are considering filing for bankruptcy, there may be exemption options available that can seriously improve your financial outlook. These exemptions may prove crucial for a family’s financial stability. For more information if you are considering these exemptions as a way to protect your family’s financial future, contact Cincinnati bankruptcy lawyer Ryan J. Ruehle Attorney at Law, LLC, at 513-777-0880 today.