Ohio Bankruptcy Exemptions
( Assets that can be kept in a Ohio Bankruptcy
)
Ohio has enacted legislation that regulates what property is protected from seizure when a debtor files bankruptcy. Ohio bankruptcy exemptions are assets that you get to keep when you file bankruptcy in Ohio.
A debtor generally may claim exemption of certain real or personal property from execution of a judgment against him or in a bankruptcy proceeding. In a case where the judgment was for money owed for health care services or supplies, the debtor or his family may claim exemption of:
- one parcel or item of real or personal property that he or his family uses as a residence. (O.R.C. 2329.66(A)(1)(a).) In all other judgments, a debtor may claim exemption of his interest, up to twenty thousand two hundred dollars ($20,200.00) in one parcel or item of real or personal property that he or his family uses as a residence
- three thousand two hundred twenty five dollars ($3,225.00) in one automobile
- four hundred dollars ($400.00) in cash
- Death benefits from a benevolent society, $5,000
- Personal injury awards (excluding pain and suffering) twenty thousand two hundred dollars, $20,200
- Household goods and furnishings maximum of ten thousand seven hundred and seventy five dollars = $10,775
- Jewelry, if claiming homestead, $1,350
- Tools of trade, $750
- Wild card, can be used on any personal property, one thousand and seventy five dollars =$1,075
The above exemptions are automatically adjusted based upon inflation. The first adjustment for inflation is scheduled to take place on April 1, 2010. Thereafter, exemptions will adjust every three years based upon the federal government’s “consumer price index.”
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