What Property Can I Keep in Bankruptcy?

The following is a list of the most common exemptions under Ohio law. This is the property you are allowed to keep from the bankruptcy trustee if you file a Chapter 7 bankruptcy. There are additional exemptions for special circumstances. You should speak to a qualified bankruptcy attorney for more information.
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Homestead Exemption

• $182,625
• personal property used as a residence included.
• property held as tenancy by the entirety might be fully exempt if one spouse files an individual bankruptcy—check with a local attorney.

Ohio Rev. Code Ann. § 2329.66(A)(1)(b)

Motor Vehicle Exemption

• $5,025

Ohio Rev. Code Ann. § 2329.66(A)(2)

Tools of the Trade Exemption

• $3,200 in trade tools, books, and implements.

Ohio Rev. Code Ann. § 2329.66(A)(5)

Wildcard Exemption

• $1,675 in personal property (no real estate)

Ohio Rev. Code Ann. § 2329.66(A)(18)

Personal Property Exemptions

• burial plot
• $625 cash
• $16,850 in clothing, household goods, and furnishings ($800 per item)
• $2,125 in jewelry
• health aids
• $31,650 personal injury award
• future earnings compensation
• notary public seal
• tuition credit or payment

Ohio Rev. Code Ann. §§ 147.04; 517.09; 2329.66(A)(4)(a),(b); 2329.66(A)(7),(9),(12),(16)

Retirement Accounts

• firefighters, police officers
• public employees
• public safety officers and school employees
• state highway patrol employees.
• volunteer firefighters' dependents.
• ERISA-qualified benefits, IRAs, Roth IRAs, Education IRAs & Keoghs

Ohio Rev. Code Ann. §§ 145.13; 145.56; 145.75; 146.13; 521.09; 742.47; 2329.66(A)(10); 3309.66; 5505.22
Federal law lets all filers keep tax-exempt retirement accounts in bankruptcy. These retirement accounts include 401(K)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and traditional and Roth IRAs to $1,512,350 per person. (11 U.S.C. 522(b)(3)(C); (n); amounts valid for bankruptcy cases filed between April 1, 2022, and March 31, 2025.)
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