Ohio Bankruptcy Exemptions

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Ohio Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE NOT AVAILABLE.
All law references are to Ohio Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Ohio Bankruptcy Exemptions

All law references are to Ohio Bankrutcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real or personal property used as residence to $5000	2329.66(A) (1) (b)
HOMESTEAD	Property held as tenancy by the entirety may be exempt against debts owed by only one spouse	In re Thomas, 14 B.R. 423 (N.D. Ohio 1981)
INSURANCE	Benevolent society benefits to $5000	2329.63, 2329.66(A) (6) (a)
	Disability benefits to $600 per month	2329.66(A) (6) (e), 3923.19
	Fraternal benefit society benefits	2329.66(A) (6) (d), 3921.18
	Group life insurance policy or proceeds	2329.66(A) (6) ( c), 3917.05
	Life, endowment or annuity contract avails for your spouse, child or dependent	2329.66(A) (6) (b), 3911.10
	Life insurance proceeds for a spouse	3911.12
	Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	3911.14
MISCELLANEOUS	Alimony, child support needed for support	2329.66(A) (11)
MISCELLANEOUS	Property of business partnership	1775.24, 2329.66(A) (14)
PENSIONS	ERISA-qualified benefits needed for support	2329.66(A) (10) (b)
	Firefighters, police officers	742.47
	Firefighters’ police officers’ death benefits	2329.66(A) (10) (a)
	IRAs needed for support	2329.66(A) (10) ( c)
	Keoghs needed for support	2329.66(A) (10) ( c)
	Public employees	145.56
	Public school employees	3307.71, 3309.66
	State highway patrol employees	5505.22
	Volunteer firefighters’ dependents	146.13
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Animals, crops, books, musical instruments, appliances, household goods, furnishings, hunting & fishing equipment & firearms to $200 per item, $1500 total ($2000 if no homestead claimed)	2329.66(A) (4) (b), (d)
	Beds, bedding & clothing to $200 per item	2329.66(A) (3)
	Burial plot	517.09, 2329.66(A) (3)
	Cash, money due within 90 days, bank & security deposits & tax refund to $400 total	2329.66
	Cooking unit & refrigerator to $300 each	2329.66(A) (3)
	Health aids	2329.66(A) (7)
	Jewelry up to $400	239.66
	Lost future earnings needed for support	2329.66
	Motor vehicle to $1000	2329.66(A) (2) (b)
	Personal injury recoveries to $5000	2329.66
	Wrongful death recoveries for person debtor depended on, needed for support	2329.66
	$400 of any property	2329.66
PUBLIC BENEFITS	Crime victim’s compensation, received during 12 months before filing	2329.66(A) (12) (a), 2743.66
	General assistance payments	2329.66, 5107.12
	Tuition credit	2329.66(A) (16)
	Unemployment compensation	2329.66(A) (9) ( c), 4141.32
	Vocational rehabilitation benefits	2329.66(A) (9) (a), 3304.19
	Workers’ compensation	2329.66(A) (9) (b), 4123.67
	Disability assistance.	2329.66 & 5115.07
TOOLS OF TRADE	Implements, books & tools of trade to $750	2329.66(A) (5)
WAGES	Greater of the following: 30 times the federal minimum hourly wage or minimum of 75% of disposable weekly earnings. Judge may approve more for low income debtor.	2329.66

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