Ohio Bankruptcy Exemptions
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What Are Ohio Bankruptcy Exemptions?
Major exemptions available when filing for bankruptcy in Ohio are listed below, with a brief description of each exemption. Ohio has opted not to allow its residents to utilize the federal exemptions, so only Ohio statutes that define and list the exemptions can be used. Note that these exemptions may be doubled for a married couple. These numbers are adjusted for inflation and may be changed again April 1st, 2016.
A lawyer should be consulted to determine the particulars of each exemption and to determine all available exemptions that may be filed.
- Homestead (equity in dwelling used as residence)
- Up to $132,900 in value.
- Interest in one burial plot.
- Equity in automobile
- Up to $3,675 in value in one motor vehicle.
- Personal property
- Up to $12,250 in household goods, but only $575 per individual item.
- Up to $1,550 in jewelry.
- Up to $450 in cash on hand and/or deposit.
- 75% of wages.
- Tools of the trade
- Up to $2,325 in implements, books, and other tools of the trade.
- Up to $1,175,150 in IRAs or Roth IRAs
- ERISA qualified benefits needed for support
- 401(k), 403(b), profit-sharing plans, or other tax exempt accounts
- Private pensions
- Public benefits
- Workers compensation
Alimony and child support
- Amount reasonably necessary for support of debtor and dependants
- Up to $1,225 in any property
Do I Need a Bankruptcy Lawyer?
Bankruptcy is a very complicated process and filing an exemption incorrectly can lead to that property being seized, even if the property would have been exempt had the exemption been filed correctly. The Ohio bankruptcy exemption statute must be used when filing for exemptions. A bankruptcy lawyer knows the particulars of filing for bankruptcy, and can recommend what chapter of bankruptcy is right for you. A bankruptcy lawyer can also ensure that your exemptions are filed correctly.
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Last Modified: 08-26-2014 03:39 PM PDT
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