Ohio Bankruptcy Laws

Key Points

Ohio has its own exemption limits, which will be applicable for the state bankruptcy cases. The state doesn’t allow the choice between state and federal exemptions, and thus, anyone filing bankruptcy has to abide the state exemption limits only.

Homestead

$ 21,625 of home equity exemption is allowed for real or personal property used for residential purposes.

Married couples filing joint bankruptcy are allowed double the exemption amount, i.e. $43,250 of equity in real or personal property.

From April, 2013 - $132,900 of value in one parcel of real or personal property (home, manufactured, or mobile home) that the individual or his dependent uses as a residence. Married couples filing joint bankruptcy may double the exemption amount.

Wages

Disposable earning among the greater of the two, i.e., EITHER 75 % OR 40 times the federal minimum hourly wage per week

Automobile

One automobile of valuation up to $ 3,675

Household goods

The aggregate value of household goods, which are considered exempt - $12,250, up to a value of $575 for each individual item

Tools of trade

Implements, books, and tools of trade, occupation, or business are allowed exemption up to $2325

Wildcard

Any property chosen by the debtor is exempted up to the extent of $1,225

Cash on hand

Exemptions are allowed up to the extent of $ 450.

Items of jewelry

Exemptions allowed up to $1550 of the value of jewelry items

Personal Injury

Personal injury awards to debtor or to a person dependent is exempted up to the extent of $ 23,000

Total or Absolute Exemptions

1. Professionally prescribed health aids.
2. Burial plots.
3. Unemployment compensation benefits.
4. Cash Assistance payments under Ohio work first program.
5. Disability assistance payments.
6. Retirement benefits of public employees.
7. Living maintenance or rights benefits.
8. Living maintenance or rights benefits.
9. Fraternity benefit and society benefits.
10. Group life insurance policies and proceeds.
11. Workmen's Compensation and Unemployment Benefits.