Ohio Increases Excemptions for Bankrupties

[BKdinOhio]

I never thought my first post would be this. But I'm in the process of researching Filing for Chapter 7 Bankruptcy.

I've gleaned a lot from this forum and other sites. I had seen in another post on this forum when searching for Ohio Exemptions about a proposed Bill to increase Ohio's Exemptions. Guess what??? was passed, and on Sept 12, 2008 consumers will have even more protection......Ohio did something right for a change.

I was planning on waiting, now I'm glad I did.

On 06/23/08 the Ohio General Assembly Sent Senate Bill 281 to the Governor. The Governor has allowed the Bill to pass into Law without his signature.

This bill will be come law on September 12, 2008.

http://www.ohiojudges.org/index.cfm?pageId=0505B9B3-C09F-2715-73E869099C277874

http://www.legislature.state.oh.us/BillText127/127_SB_281_CS_Y.pdf

Some Highlights:

Items of Interest include:
The Exemption commonly used for Homes is raised from $5,000 to $20200

Vehicles are now $3225

I thought I would pass this News info along to anyone considering Bankruptcy in Ohio.

[lrprn]

Good to see the Ohio legislature finally woke up....years too late, of course. Many in Ohio already lost their homes because of that ridiculous $5K pittance of a homestead exemption. At least that travesty will finally stop in a few months, but much too late for many thousands of Ohioans who had to file bk during the last few years. Ohio has one of the highest bk-to-population rates in the country.

[Bandit]

Good to see the Ohio legislature finally woke up....years too late, of course. Many in Ohio already lost their homes because of that ridiculous $5K pittance of a homestead exemption. At least that travesty will finally stop in a few months, but much too late for many thousands of Ohioans who had to file bk during the last few years. Ohio has one of the highest bk-to-population rates in the country.

I dont understand why those politicians held them back for so long...maybe of what has happened over the last couple of years is probably what made them look at it closer & wake up. or maybe it is election time there for someone...who knows for sure...but much too late for many.

I was also very glad to read it as much of my family is from Ohio. I really love that state but was very much against the way they treated the citizens in BK. It will be a little more fair now & even on the board with some other states to give them a better chance for starting over.

[BKdinOhio]