Ohio

A debtor generally may claim exemption of certain real or personal property from execution of a judgment against him or in a bankruptcy proceeding. In a case where the judgment was for money owed for health care services or supplies, the debtor or his family may claim exemption of:

one parcel or item of real or personal property that he or his family uses as a residence. (O.R.C. 2329.66(A)(1)(a).) In all other judgments, a debtor may claim exemption of his interest, up to five thousand dollars ($5,000.00) in one parcel or item of real or personal property that he or his family uses as a residence,
one thousand dollars ($1,000.00) in one automobile,
four hundred dollars ($400.00) in cash,
Cooking unit and refridgerator maximun of $300 each, total = $600;
Death benefits from a benevolent society, $5,000;
Personal injury awards, $5,000;
If claiming homestead, household goods and furnishings maximum of $200 each, total = $1,500;
If not claiming homestead, household goods and furnishings maximum of $200 each, total = $2,000;
Jewelery, if claiming homestead, $1,500;
Jewelery, if not claiming homestead, $2,000;
Tools of trade, $750;
Wild card, personal property, $400.

It appears that 403(b) retirement accounts are no longer exempt from bankruptcy pertection as are 401K. Hase anyone have a counter argument in case law?

It appears that 403(b) retirement accounts are no longer exempt from bankruptcy pertection as are 401K. Hase anyone have a counter argument in case law?

I'm not certain what type of retirement that is, but, I have PERS (Public Employee Retirement System) and was told it was exempt. I think the only difference is that PERS takes the money you would normally pay into social security and puts it straight into their account. (I filed in Ohio but relocated to TN before the 341.)

As of my filing and 341 meeting (Jan and Feb respectively), my retirement account was exempt.

As of my filing and 341 meeting (Jan and Feb respectively), my retirement account was exempt.

I am from Cincinnati as well, and my retirement account was untouchable.

Here is my question. I am in Ohio we have house estimated to be value 300,000 (Base on builders in our sub devision are selling the same new house for (325,000 our house is 3 years old) . We have 194,000 mortgage balance that leave us with $106,000 equity no 2nd mortgage, Ohio examption is $5,000. My question is if I file for Bk (All the debt is on my credits cards my wife name is not on these card).We own house jointly and we can easyly pass mean test, if I file for BK and re affarm our mortgage how our house will be treated in Chap 7 bk?

In the state of Ohio, if you don't need the full exemption of your house, can you apply the remainder to another item?

nm

In Ohio are Roth Iras exempt as well as regular Iras.

In all other judgments, a debtor may claim exemption of his interest, up to five thousand dollars ($5,000.00) in one parcel or item of real or personal property that he or his family uses as a residence,


When filing joinly, does anyone know if that is $5000 total?
Or $5000 each person ($10000 total)?

Looks like I found an answer to my own question.
Thought I would post it here in case anyone else needed the information

Found on this page
http://www.ohiobankruptcy.com/exemptions.html

Specifically this portion
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
Since the homestead exemtion isn't specifically noted, looks like it is $5000 per person. $10000 jointly.