Ohio Bankruptcy Exemptions
The chart below contains a summary of Ohio state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Ohio bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.
Personal exemptions allowed by Ohio Bankruptcy Laws
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
|Ohio Homestead||Real or personal property used as residence to $20,200||2329.66(A)(1)(b)|
|Wages||Minimum 75% of disposable weekly earnings or 30 times the Federal hourly minimum wage (whichever is greater). Bankruptcy judge may authorize more for low-income debtors.||2329.66(A)(13)|
|Automobile||Up to $3,225||2329.66(A)(2)(b)|
|Other property||Group life policy or proceeds||2329.66(A)(6)(c)|
|Alimony and child support needed for support||2329.66(A)(11)|
|Animals, crops, books, musical instruments, appliances, household goods, furnishings, firearms, hunting and fishing equipment to $525 per item; jewelry to $1,350 for 1 or more items; $10,775 total||2329.66(A)(4)|
|Implements, books, and tools of trade to $2,025||2329.66(A)(5)|
|Wildcard||$1,075 of any property||2329.66(A)(18)|
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Ohio bankruptcy court statutes.