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Bankruptcy Exemptions in Ohio

Bankruptcy Exemptions in Ohio

If you file a Chapter 7 case, you can retain protected or “exempt” property.

There is a comprehensive list of property deemed by the Ohio legislature as property people need for a fresh start. Your attorney will know the limitations for each of these categories and whether property you own will fit within an exemption.

Here are the some of the more commonly used Ohio bankruptcy exemptions.

Homestead

$132,900 of equity in one parcel of real or personal property (home, manufactured, or mobile home) that you or your dependent uses as a residence – 2329.66(A)(1)(a)

To learn more, see The Ohio Homestead Exemption.

Personal Property

$475 of cash on hand or deposit – 2329.66(A)(3)

$3,675 of value in one motor vehicle – 2329.66(A)(2) (To learn more, seeThe Ohio Motor Vehicle Exemption in Bankruptcy.)

$12,625  of value in household goods, such as furnishings and appliances, up to a value of $575 per individual item – 2329.66(A)(4)(a)

$1,600 of value in jewelry – 2329.66(A)(4)(b)

Interest in one burial lot – 2329.66(A)(8)

Pensions

Private pensions – 2329.66(A)(10)(b)

Tax exempt retirement accounts, including 401(k), 403(b), and profit-sharing plans – 11 U.S.C. § 522

IRAS and Roth IRAs 2329.66(A)(10)(c)

State teacher retirement system – 3307.41

Public Benefits

Crime victim’s compensation received during 12 months before filing – 2329.66(A)(12)(a); 2743.66(D)

Disability assistance payments – 2329.66(A)(9)(f); 5115.07

Earned income tax credit and child tax credit – 2329.66(A)(9)(g)

Unemployment compensation benefits – 2329.66(A)(9)(c)

Vocational rehabilitation benefits – 2329.66(A)(9)(a); 3304.19

Workers’ compensation benefits – 2329.66(A)(9)(b)

Wildcard (a general catch all provision)

$1,250 of value in any property – 2329.66(A)(18)

Support

Spousal or child support, to the extent reasonably necessary for support – 2329.66(A)(10)(b)

Tools of the Trade

$2,400 of value in implements, books, and tools of your trade, occupation, or business

Miscellaneous

529 savings plans – 2329.66(A((10)(e)

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Robert A Boyd, Attorney at Law - Willougby Ohio