BizFilings Logo

Ohio Asset Protection Laws

Filed under Asset Protection Strategies. Fact checked on April 22, 2012.

Article Tools

These assets are exempted from a state court or bankruptcy proceeding in Ohio.

Homestead: Real or personal property used as residence up to $21,625. Property held as tenancy by the entirety exempt against debt of only one spouse.

Pensions and Retirement Benefits: ERISA-qualified plans. Funds exempt for firefighters' and police officers' death benefits and pensions, public employees, state highway patrol employees and volunteer firefighters' dependents. IRA exemptions for conventional, Roth, education, SEP and SIMPLE plans. Roth IRAs and regular IRAs up to $1,245,000 per person.

Insurance: Group life insurance policy or proceeds. Life, endowment or annuity contracts. Life insurance proceeds for a spouse. Life insurance proceeds if proceeds cannot be used to pay beneficiary's creditors. Health and accident benefits. Disability benefits to $600 per month. Fraternal society benefits. Benevolent society benefits up to $5,000.

Personal Property: Animals, crops, books, musical instruments, clothing, appliances, household goods, furnishings, sporting equipment and firearms up to $525 per item, up to $11,525 total, $2,000 if no homestead claimed. Jewelry up to $1,450, up to $11,525 total, $2,000 if no homestead claimed. Cash, money due within 90 days, bank and security deposits, and tax refunds up to $400 total. Personal injury recoveries up to $5,000 (excluding pain and suffering). Motor vehicle up to $3,450. Stove and refrigerator up to $300 each. Burial place. Prescribed health aids. Wrongful death recoveries.

Tools of Trade: Tools and implements up to $2,250.

Miscellaneous: Business partnership property. Alimony and child support needed for support.

Wages: The greater of 30 times the current federal minimum wage or 75% of the debtor's disposable weekly earnings, which are due for up to 30 days.

Public Benefits: Unemployment compensation. Workers' compensation. AFDC. Crime victim's compensation. Vocational rehabilitation benefits. Tuition credit.

Wild Card: $1,150 of any property.

Article Tools

blog comments powered by Disqus
Next Article in Running A Business