Cleveland Bankruptcy Lawyer Blog

Ohio Senate Bill 281 (“SB 281”) will become law in Ohio on September 30, 2008. This is good news for those in Ohio seeking bankruptcy protection. The most important aspect of SB 281 is that it increases several exemptions available to those filing for bankruptcy. What this means is that SB 281 increases the dollar value of certain property that an Ohio resident filing for bankruptcy may exempt from their creditors. Two of the most significant changes are large increases to the primary residence and automobile exemptions:

The exemption for the debtor’s property used as their primary residence increases from $5,000 (current law) to $20,200 (under SB 281).

The exemption for one automobile increases from $1,000 (current law) to $3,225 (under SB 281).

Ohio Senate Bill 281 also includes other increases to exemptions for recoveries for personal injuries, household items and more. If you are considering bankruptcy, you should contact an attorney to learn more about Senate Bill 281 and how it could help you keep more of your assets in bankruptcy.

Posted by Justin M. Smith | Permalink | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy

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If you live in Cleveland, Akron or Youngstown and find yourself considering bankruptcy, then you are certainly not alone. Bankruptcy filings in Northeast Ohio are on the rise and at their highest level since the surge just before the new BACPA law went into effect in October of 2005.
National Public Radio, WCPN 90.3 FM, reported that filings in the first six months of 2008 were nearly three times as high as the same period in 2007. Filings in Cleveland were the highest, followed by Akron and then Youngstown.

There are many reasons for this. For one, many homeowners are finding that they can no longer tap into the equity in their homes or, worse yet, their home is worth less than they owe on their mortgage. The job market in Ohio is also bleak and many companies are reducing employee hours and overtime to cut costs in the poor economy. Gas and food prices have also been rising steadily. Now the recent stock market collapse has made matters worse and threatens the retirement and financial security of many Ohio families.

If, like many in Ohio, you are struggling in these hard times, then bankruptcy may help you get back on track. Click here to learn how bankruptcy might help you.

Posted by Justin M. Smith | Permalink | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy

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