[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amourgis.com\/blog\/property-exempt-ohio-bankruptcy\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amourgis.com\/blog\/property-exempt-ohio-bankruptcy\/","headline":"What Property is Considered Exempt in an Ohio Bankruptcy?","name":"What Property is Considered Exempt in an Ohio Bankruptcy?","description":"Filing for bankruptcy is a stressful process, you don\u2019t need confusing legal terms and changing laws to make it more difficult. To be clear, bankruptcy is a federal law, but regulations regarding personal property exemptions vary by state. Ohio has...","datePublished":"2019-04-09","dateModified":"2025-08-11","author":{"@type":"Person","@id":"https:\/\/www.amourgis.com\/blog\/author\/julius\/#Person","name":"Julius Amourgis","url":"https:\/\/www.amourgis.com\/blog\/author\/julius\/","identifier":50,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/e49a6abb900684fc2323b7043eaceeb537475408ebc3a2cefbbe0ce24506d3b3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/e49a6abb900684fc2323b7043eaceeb537475408ebc3a2cefbbe0ce24506d3b3?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amourgis & Associates Attorneys at Law","logo":{"@type":"ImageObject","@id":"https:\/\/www.amourgis.com\/wp-content\/uploads\/2020\/07\/Logo-header-1.png","url":"https:\/\/www.amourgis.com\/wp-content\/uploads\/2020\/07\/Logo-header-1.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amourgis.com\/wp-content\/uploads\/2019\/04\/bankruptcy-property-law.jpg","url":"https:\/\/www.amourgis.com\/wp-content\/uploads\/2019\/04\/bankruptcy-property-law.jpg","height":308,"width":1903},"url":"https:\/\/www.amourgis.com\/blog\/property-exempt-ohio-bankruptcy\/","about":["Bankruptcy Advice"],"wordCount":746,"articleBody":"Filing for bankruptcy is a stressful process, you don\u2019t need confusing legal terms and changing laws to make it more difficult. To be clear, bankruptcy is a federal law, but regulations regarding personal property exemptions vary by state. Ohio has some of the most stringent exemption laws in the country.Here is an overview of personal property that is considered exempt in an Ohio Bankruptcy.What Does Exempt Mean, Exactly?Just because you are declaring bankruptcy, does not mean that you have to lose all of your possessions. Exempt property is the name given to things that the debtor can keep after filing for bankruptcy. In other words, creditors cannot repossess or liquidate property that is claimed as exempt according to the state in which bankruptcy is filed. It is crucial that you have an attorney assist you in applying for these exemptions so that your trustee doesn\u2019t take property that you are rightfully entitled to keep!The idea is that a person will need a financial and physical foundation from which to start working to get out of bankruptcy.How Do Loans Apply?The exemption limit applies to the equity that the person declaring bankruptcy has in each piece of property. Equity is the difference between the actual value of the property and what is owed for it. If your house is valued at $170,000, for example, and the value of your mortgage is $100,000, then it has an equity value of $70,000.When declaring bankruptcy, you can choose to keep property \u2013 such as a home or car \u2013 that is secured by a loan, if:the equity of the property is covered by\u00a0exemptions in Ohio,AND you are up-to-date on loan payments (in a chapter 7 bankruptcy).If you want to keep your home and the equity is not entirely exempt, the trustee may liquidate the property anyway. At that point, you should receive cash equal to the value of your exemption.If you are not up-to-date on your loan payments, or if you have unexempt equity, you should talk to your attorney about whether a Chapter 13 Restructuring is right for you.What Property is Exempt in Ohio?Each individual, or partner in a married couple who is filing jointly, can claim a full set of exemptions. In Ohio, property that is protected from creditors includes:Diagram showing the property exemptions when filing bankruptcy in Ohio categorized as house, personal possessions, income and pension, and wildcard.HouseUp to $136,925 of home equity.This applies to one piece of real estate used as the residence for the person declaring bankruptcy or dependents. In Ohio, the homestead exemption can\u2019t be applied to rental properties owned by the debtor.Personal PossessionsUp to $475 in cash, security deposit, savings plans, tax refund, HSAs or money owed with 90 days.Up to $3,775 in value for one vehicle.Up to $12,625 in household items, including furniture and appliances with a single-item value below $600.Up to $1,600 in value of jewelry.The value of one burial plot.Up to $2,400 in work equipment and tools.IncomeWages equaling more than:130 times the federal minimum hourly wage (if paid monthly; varies for weekly or biweekly pay), OR 75% of disposable weekly earnings.The following sources of income are also exempt:Public assistance,Unemployment Compensation,Disability benefits,Veteran\u2019s Benefits,Worker\u2019s Compensation Benefits,Ohio Works First (OWF),Alimony and child support,Disability Assistance (DFA) from the Ohio Department of Human Services,Supplemental Security Income (S.S.I.),Black Lung Benefits,Tax Refunds from the Earned Income Credit or Child Tax Credit,Crime victims\u2019 compensation collected within one year of declaring bankruptcy.PensionSocial Security retirement,Tax-exempt retirement accounts (this includes 401(k)s, 403(b)s, SEP and SIMPLE IRAs),IRAS and Roth IRAsPensions for employees of public offices, schools, police officers, firefighters, highway patrol.WildcardUp to $1,250 of any property.OtherAny applicable\u00a0Federal Nonbankruptcy Exemptions.There are many other state laws regulating and limiting bankruptcy exemptions in Ohio. Things like jointly owned properties and business, endowments, benefits of spouses and dependents, as well as insurance benefits largely complicate the issue of bankruptcy.Review other advice and helpful information\u00a0regarding bankruptcy.Bankruptcy Lawyer Who Protects Your InterestsIf you\u2019re facing bankruptcy, don\u2019t go it alone. Experienced bankruptcy lawyers know all of the intricate details related to exemptions. They will guide you in making important decisions regarding your property and financial security.For professional legal advice regarding bankruptcy and foreclosure, contact Amourgis & Associates today at\u00a0(800) 444-1967."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amourgis.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"What Property is Considered Exempt in an Ohio Bankruptcy?","item":"https:\/\/www.amourgis.com\/blog\/property-exempt-ohio-bankruptcy\/#breadcrumbitem"}]}]