The Ohio bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Ohio. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Ohio you may also use certain federal exemptions in addition to your Ohio exemptions.
ASSET | EXEMPTION DESCRIPTION | LAW SECTION |
Homestead | Real or personal property used as residence to $5000 Property held as tenancy by the entirety may be exempt against debts owed by only one spouse | 2329.66(A) (1) (b) In re Thomas, 14 B.R. 423 (N.D. Ohio 1981) |
Insurance | Benevolent society benefits to $5000 Disability benefits to $600 per month Fraternal benefit society benefits Group life insurance policy or proceeds Life, endowment or annuity contract avails for your spouse, child or dependent Life insurance proceeds for a spouse Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors | 2329.63, 2329.66(A) (6) (a) 2329.66(A) (6) (e), 3923.19 2329.66(A) (6) (d), 3921.18 2329.66(A) (6) ( c), 3917.05 2329.66(A) (6) (b), 3911.10 3911.12 3911.14 |
Miscellaneous | Alimony, child support needed for support Property of business partnership | 2329.66(A) (11) 1775.24, 2329.66(A) (14) |
Pensions | ERISA-qualified benefits needed for support Firefighters, police officers Firefighters’ police officers’ death benefits IRAs needed for support Keoghs needed for support Public employees Public school employees State highway patrol employees Volunteer firefighters’ dependents | 2329.66(A) (10) (b) 742.47 2329.66(A) (10) (a) 2329.66(A) (10) ( c) 2329.66(A) (10) ( c) 145.56 3307.71, 3309.66 5505.22 146.13 |
Personal Property
Note: Jewelry must be counted toward the $1500/$2000 totals | Animals, crops, books, musical instruments, appliances, household goods, furnishings, hunting & fishing equipment & firearms to $200 per item, $1500 total ($2000 if no homestead claimed) Beds, bedding & clothing to $200 per item Burial plot Cash, money due within 90 days, bank & security deposits & tax refund to $400 total (spouse without income can’t exempt tax refund, In re Smith, 77 B.R. (N.D. Ohio 1987) Cooking unit & refrigerator to $300 each Health aids Jewelry to $200 per item (1 item may be to $400) Lost future earnings needed for support, received during 12 months before filing Motor vehicle to $1000 Personal injury recoveries to $5000 (not to include pain & suffering), received during 12 months before filing Wrongful death recoveries for person debtor depended on, needed for support, received during 12 months before filing |
2329.66(A) (4) (b), (d) 2329.66(A) (3) 517.09, 2329.66(A) (3)
517.09, 2329.66(A) (8) 2329.66(A) (3) 2329.66(A) (7) 239.66(A) ( c), (d) 2329.66(A) (12) (d) 2329.66(A) (2) (b) 2329.66(A) (12) ( c) 2329.66(A) (12) (b) |
Public Benefits | Crime victim’s compensation, received during 12 months before filing General assistance payments Tuition credit Unemployment compensation Vocational rehabilitation benefits Workers’ compensation | 2329.66(A) (12) (a), 2743.66 2329.66(A) (9) (e), 5113.03 2329.66(A) (16) 2329.66(A) (9) ( c), 4141.32 2329.66(A) (9) (a), 3304.19 2329.66(A) (9) (b), 4123.67 |
Tools of Trade | Implements, books & tools of trade to $750 Seal, official register of notary public | 2329.66(A) (5) 2329.66(A) (15), 147.04 |
Wages | Minimum 75% of earned but unpaid wages due for 30 days; bankruptcy judge may authorize more for low-income debtors | 2329.66(A) (13) |
Wild Card | $400 of any property | 2329.66(A) (17) |
For more information on filing bankruptcy in Ohio explore Ohio Bankruptcy Law.
