When a person files bankruptcy in Ohio, the court may take his or her assets to pay off debts. However, the idea behind bankruptcy is to give a person a fresh start, so there are some assets the court may not take so the person still has items to rebuild with after the bankruptcy. The court refers to these as exemptions.
According to the Ohio Revised Code, there are many exemptions applies to a bankruptcy case. Generally, a person has a specific dollar amount for each type of asset. If he or she owns something that goes over the dollar amount limit, then that asset is not exempt. The dollar value increases based on cost of living increases every three years.
The list of exemptions is quite long and detailed. However, most people focus on some specific assets, such as property, motor vehicle, personal property and cash. A person may keep $475 in cash or any money received within 90 days. Personal earnings are exempt for a certain amount. For example, a person may keep their weekly pay up to 30 times the federal minimum wage or 75 percent of his or her wages, whichever is greater. Any benefits or support money also is exempt.
A person may keep one piece of real estate valued up to $136,925 and a motor vehicle with a value up to $3,775. When it comes to personal property, a person may have a total value of property up to $12,625. Valuable jewelry has its own exemption of up to $1,600 for one piece. Tools and other items used professionally are exempt up to $2,400. This information is for education and is not legal advice.
