Maryland And Ohio Have Serious Protection For Bankruptcy Filers
May 20, 2010
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Usually a bankruptcy lawyer representing the filer is the one responsible for claiming the state-provided exemptions. Exactly which exemptions are available will depend on which state the debtor is living in.
For example, Maryland offers protection of up to $2,500 in equity on a debtor’s real estate. In Ohio debtors the household exemption if up to $5,000 in equity per person, with a maximum of $10,000. Usually these homestead exemptions are not available for rental properties.
In Maryland debtors can claim up to $2,500 for tools of the trade and professional books. In Ohio this exemption is only $750. Often the debtor’s car is very important because it is his or her only practical means of transportation. As a result they will try to protect it to the full extent of the law.
In Ohio, up to $1,000 of the value of any one of the debtor’s motor vehicles can be claimed as exempt while in Maryland, the $3,000 wildcard exemption can be used to protect a vehicle or, for that matter, to protect any other asset. A wildcard exemption is also available in Ohio, and this will provide a further $400 protection for any asset.
Several other exemptions apply in both states. Maryland provides protection for, among other assets, qualified retirement plans and life insurance policy proceeds. Ohio allows exemptions for further assets like alimony amounts owing to the debtor as well as personal clothing and family pictures.
All states make a point of allowing exemptions, be they large or small, over all types of real and personal property so that the debtor will not be forced to lose everything. Although filing for bankruptcy is a way to eliminate debt, it does not also have to eliminate all debtor’s assets.
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