Ohio Bankruptcy Laws

Homestead

Real or personal property used as a residence up to $20,000.

Personal Property

Burial plot, motor vehicle up to $3,225; cooking unit and refrigerator up to $300 each; cash, bank, and security deposits, tax refund and money due within 90 days up to $400 total; household goods, furnishings, appliances, jewelry up to $1,350, books, animals, musical instruments, firearms, hunting and fishing equipment and crops up to $525 per item; health aids; wrongful death recoveries for person you depended upon for support; compensation for lost future earnings needed for support; personal injury recoveries up to $20,200; $400 of any property; and Tuition credit or payment.

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.

Pensions

Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person; public employees; volunteer firefighters' dependents; police officers and firefighters; public safety officers' death benefits; ERISA-qualified benefits, IRAs Roth IRAs and Keoghs needed for support; public school employees; state highway patrol employees.

Public Benefits

Crime victims' compensation received within 1 year of filing for bankruptcy; vocational rehabilitation benefits; workers' compensation; unemployment compensation; public assistance; disability assistance.

Tools of the Trade

Tools, books, and implements of trade up to $2,025.

Insurance

Benevolent society benefits to $5,000; group life insurance policy or proceeds; fraternal benefit society benefits; disability benefits needed for support; life, endowment or annuity contract dividends, interest, loan, cash, or surrender value for your spouse, child or other dependent; life insurance proceeds for spouse; life insurance proceeds if policy prohibits use to pay creditors.

Miscellaneous

Property from a business partnership.

Wild Card

$1,075 of any property.