If you are considering filing for bankruptcy in Ohio, there are some important distinctions to know about the process. When it comes to exempting property in your Ohio bankruptcy case you are likely to find a lesser degree of protection than some states, but very progress is being made every few years to open up the exemption laws for broader coverage.
In April of 2009, Ohio made some important changes to their bankruptcy exemption laws that have worked in the favor of residents. Previously one of the states known for lacking exemption coverage over much of one’s assets, the laws are continuing to expand to open up the horizon. Here are some of the changes:
Homestead exemption – increased from $5,000 worth of your primary residence to $21,625. Although still far from the “unlimited” status of some states, this exemption is still higher than the $20,200 allowed under the federal exemption.
Personal property – has increased to $11,525, which can be spread out among items like clothing, household goods, furnishings, sporting equipment, and up to $2,175 for tools of business. There is a cap of $1,450 for jewelry, and $3,450 for motor vehicles.
Benefit funds – IRA funds were added to the list of exempt benefit accounts, already included were life insurance, pensions, survivorship funds, government assistance and domestic support funds.