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Debtor Owned Vehicles and Ohio Bankruptcy Laws

TALK TO AN OHIO BANKRUPTCY ATTORNEY TODAY (614) 523-3106

 

The Ohio Motor Vehicle Exemption and Your Car

 

If your vehicle is owned outright or has significant equity, your car or truck may be taken and sold at auction by the trustee when filing bankruptcy. Or the trustee may seek to have you buy-out the vehicle’s equity.

 

Ohio Bankruptcy Motor Vehicle Exemption

Ohio’s motor vehicle exemption when filing bankruptcy allows for each debtor to exempt up to $3,675 of the equity in one vehicle. If the value of your automobile is greater than the amount of Ohio’s motor vehicle exemption, you can utilize the wildcard exemption to cover up to another $1,225 (per debtor) of the equity of the vehicle.

 

Ohio Bankruptcy Tools of the Trade and Medically Necessary Vehicle Exemptions

Vehicles used for work may qualify for an additional exemption of up to $2,325 as a tool of the trade, while medically necessary vehicles (such as vehicles with assistive devices or operational aids) may qualify for unlimited protection.

 

Additionally, if your car is still valued at greater than the exemption amounts, the trustee may still choose to abandon your vehicle. This happens if 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 Columbus Ohio Bankruptcy Attorney, Kenneth Sheppard, Jr. in order to determine which exemptions you may qualify for; how the exemptions may be applied; and what your best debt relief option may be whether filing as an individual or jointly with your spouse.

 

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 (614) 523-3106 today for a free initial bankruptcy consultation.

 

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Click Here to Call the Columbus Ohio Bankruptcy Lawyers, we help those facing debt problems to file chapter 7 or chapter 13 bankruptcy FREE15 Minute Phone Bankruptcy Consultation with attorney (614) 523-3106

 

 

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Sheppard Law Offices - Columbus

Sheppard Law Offices

The Columbus, Ohio bankruptcy debt relief and taxation law office of Sheppard Law Offices, LPA is conveniently located just inside I-270 off of Cleveland Ave. Our offices provide a short drive from throughout Central Ohio including counties of Franklin, Delaware, Knox, Marion, Licking, & Fairfield. We regularly serve  Debt  & Tax needs of clients from  Columbus, Westerville, Bexley, Dublin, Sunbury, Delaware, Fredericktown, Johnstown, Centerberg, New Albany, Gahanna, Pickerington, Grandview, Upper Arlington, Clintonville, Groveport, Pickerington, Pataskala, Reynoldsburg, Groveport, Lewis Center, Worthington, Granville, the Short North, Hilliard, Plain City, Grove City, Newark, Mt. Vernon, Canal Winchester, and Lancaster.

Columbus Ohio Office

2600 Tiller Lane, Suite A

Columbus, Ohio 43231

Telephone: (614) 523-3106

Newark, Ohio Office

843 N. 21st Street, Suite 108

Newark, Ohio 43055

Telephone: (740) 345-7138

Akron-Canton Office

Belden Village Tower, 200

Canton, Ohio 44718

Telephone: (330) 409-2876

Mt. Vernon, Ohio Office

11 West Gambier Street

Mt. Vernon, Ohio 43050

Telephone: (740) 392-0404

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We are a debt relief agency. We help people file for protection under the U.S. Bankruptcy Code.