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    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.
    www.BankruptcyForum.com

    #2
    New case law appears to not exempt 403 (b) retirement accounts

    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?

    Comment


      #3
      Originally posted by tr1967
      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.)
      Last edited by lostsoul23; 01-01-2006, 08:09 PM.
      I'm not a lawyer or legal expert, just offering advice on what I may have gone through and/or have knowledge of. Good luck!
      341-done
      Last date for objections: 02/21/06 - done
      Discharged: 02/24/06
      Case closed: 3/8/06

      Comment


        #4
        As of my filing and 341 meeting (Jan and Feb respectively), my retirement account was exempt.
        Filed Pro-se: 01/18/06
        341 meeting: 02/14/2006
        Objection Deadline: 04/17/06
        Discharge: 06/13/2006
        Closed: 06/21/2006

        Credit cards

        06/25/06, reopened a Discover that I closed before my bk, $1500 limit
        July 2006, Target Redcard $200 limit
        August 2006, Hooters MC $1750 limit

        Comment


          #5
          Originally posted by krobin02
          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.
          Date Filed: 12/19/2004
          341 Meeting: 2/8/2005
          Date Case Confirmed: 7/12/2005
          Closed on Refinance/Chapter 13 Buyout 8/23/06

          Comment


            #6
            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?

            Comment


              #7
              In the state of Ohio, if you don't need the full exemption of your house, can you apply the remainder to another item?

              Comment


                #8
                Are IRA and Roth IRAs exempt too? nm

                nm

                Comment


                  #9
                  In Ohio

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

                  Comment


                    #10
                    Originally posted by lazar View Post
                    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)?
                    7/01/10 - filed!
                    11/20/10 - discharged and closed

                    Comment


                      #11
                      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
                      Ohio bankruptcy exemptions. Find out the property you can keep after filing bankruptcy in Ohio.


                      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.
                      7/01/10 - filed!
                      11/20/10 - discharged and closed

                      Comment

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