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What You Should Know The Ohio Bankruptcy LawsOhio is among the top 10 states for filing bankruptcy forms in 2008-2009, along with Tennessee, Georgia, Alabama, Michigan, Arkansas, Indiana, Kansas, Mississippi and Missouri. In fact, since the spring of 2006, the Buckeye state has seen an 80% increase in personal bankruptcy filings! If you are among the pool of Ohioans in search of legal forms to get out of your financial conundrum, then you will want to brush up on Ohio bankruptcy laws before you begin. Like all laws, Ohio bankruptcy laws are aimed at helping consumers who can only pay the minimum amount on their bills, can’t dig out of debt within five years through a Debt Management Plan, are getting foreclosure or repossession notices and have suffered an unanticipated financial setback like a medical emergency, a divorce or job loss. While filing bankruptcy court forms cannot discharge expenses like student loans, IRS tax debt, child support, alimony, large luxury purchases and court-ordered settlements, the reprieve from other troublesome debts can give most Ohioans a fresh start. Ohio bankruptcy laws state that, to file for Chapter 7 “Liquidation” bankruptcy, your income must be below the median income for Ohio families, based on current Census Bureau statistics. The median income in Ohio, as of March 2009, is $42,458 for a single wage earner, 52,922 for a family of two, $62,251 for a family of three and $74,234 for a family of four. If your median income exceeds these amounts, then you may still be eligible when your income over a six-month period, your mortgage/car payments, your taxes, child support and educational expenses are taken into consideration. You will not be able to fill out bankruptcy forms 7 if you can pay $100 per month to unsecured creditors over a five year time span (or $6,000). Many Ohioans wish to file Chapter 7 bankruptcy forms online — to be debt-free once and for all — but they’re worried about losing their personal assets. Keep in mind that the value of your assets will be calculated as the resale/garage sale value, not what you originally purchased these items for. Under Ohio bankruptcy laws, you are able to keep beds, bedding and clothing ($200 in value per item), a refrigerator and stove ($300 in value), $400 in cash, pets and crops, books, musical instruments, appliances, household goods, furnishings, hunting and fishing equipment and firearms (up to $200 in value each or a total of $1,500 to $2,000), jewelry (up to $200 each in value or $1,500 total), a burial plot, medical health aids, books and tools of trade (up to $750), personal injury awards up to $5,000, alimony and child support, private retirement benefits, life insurance proceeds, death benefits and a minimum of 75% of wages for 30 days.
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