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
five thousand dollars ($5,000.00)
in one parcel or item of real or personal property
that he or his
family uses as a residence,
- one thousand dollars ($1,000.00) in one automobile
- four hundred dollars
($400.00) in cash
- Cooking unit and refridgerator maximun
of $300 each, total = $600
- Death benefits from a benevolent society, $5,000
- Personal injury awards,
$5,000
- If claiming homestead, household goods and furnishings maximum of
$200 each, total = $1,500
- If not claiming homestead, household goods and
furnishings maximum of $200 each, total = $2,000
- Jewelery, if claiming homestead,
$1,500
- Jewelery, if not claiming homestead, $2,000
- Tools of trade, $750
- Wild card, personal property, $400
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