What is property exempt from bankruptcy in Ohio?

If you are filing bankruptcy in Ohio, some of your property may be exempt. Property that is exempt is unable to be seized by the bankruptcy trustee or by creditors in order to repay a debt. Property without exemption may be seized, sold and the funds used to repay creditors. Each state’s laws are different and, unless you file properly, you may miss out on protecting some of your assets.

Ohio Exempt Property

In the state of Ohio, a variety of types of property are exempt, assuming the property falls into one of the following types.

• Your home is protected up to a value of $5000 in equity.
• Insurance including disability, fraternal benefit society benefits, group insurance plans, life insurance plans and proceeds from a spouse’s plan.
• Property within a business
• Alimony
• Most types of retirement accounts
• Personal property such as animals, appliances, home furnishings and books up to $200 per item or $1500 in total value.
• One motor vehicle with equity as high as $1000
• Most public benefits
• Tools of the trade valued at up to $750.

In addition to this, Ohio has a wild card exemption, which is $400 that can be applied towards any property. Most types of personal property can be protected.

Hire an Attorney

If you are filing bankruptcy in Ohio, contact an attorney to determine what your exempt property is. Learn what your options are for protecting your assets by working with a bankruptcy attorney through the process. The attorney may be able to protect additional property and help you to determine how to handle property that is over the value limit.