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.
Homestead Exemption
Motor Vehicle Exemption
Tools of the Trade Exemption
Wildcard Exemption
Personal Property Exemptions
Retirement Accounts
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.)
- $161,375
- 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.
Motor Vehicle Exemption
- $4,450
Tools of the Trade Exemption
- $2,825 in trade tools, books, and implements.
Wildcard Exemption
- $1,475 in personal property (no real estate)
Personal Property Exemptions
- burial plot
- $550 cash
- $14,875 in clothing, household goods, and furnishings ($700 per item)
- $1,875 in jewelry
- health aids
- $27,950 personal injury award
- future earnings compensation
- notary public seal
- tuition credit or payment
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
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.)