Ohio Bankruptcy Laws

The state of Ohio is divided into two bankruptcy districts: Ohio Northern Bankruptcy Court and Ohio Southern Bankruptcy Court. These courts serve the entire state of Ohio . The protection is extended once you've completed the mandatory credit counseling, required under the new bankruptcy laws, and filed your case with the Court. Until then, credit card debt creditors can still continue to collect on the debts, and your lender can still proceed with the foreclosure if you're behind on your mortgage.

Ohio Bankruptcy Exemptions
According to the Lawyers.com website, under Ohio bankruptcy laws, you generally can keep:

• Beds, bedding and clothing, no more than $200 in value per item
• Refrigerator and cooking unit, up to $300 each in value
• $400 in cash
• Animals, crops, books, musical instruments, appliances, household goods, furnishings, hunting and fishing equipment and firearms, up to $200 each in value, to a total of $1,500 if you are claiming a homestead exemption, and up to a total of $2,000 if you are not claiming a homestead exemption
• Jewelry, up to $200 each in value (one piece may be worth $400), to a total of $1,500 if you are claiming a homestead exemption, and up to a total of $2,000 if you are not claiming a homestead exemption
• Burial plot
• Any professionally prescribed or medically necessary health aids
• Implements, books and tools of trade, up to $750 in value
• Personal injury awards, up to $5,000 (not to include pain and suffering), received during the 12 months before filing
• Wrongful death recoveries for a person you depended on, received during the 12 months before filing
• Alimony and child support needed for support
• Property of a business partnership
• ERISA-qualified benefits needed for support
• Private retirement benefits needed for support
• Firefighters' and police officers' death benefits
• Firefighters', police officers', public employees', public school employees', state highway patrol employees' and volunteer firefighters' dependents' pensions
• Benevolent society benefits, up to $5,000; disability benefits, up to $600 per month; fraternal benefit society benefits
• Group life insurance policy or proceeds
• Life insurance proceeds for your spouse
• Life, endowment or annuity contract avails for your spouse, child or dependent
• Life insurance proceeds if a clause in the policy prohibits the proceeds from being used to pay the beneficiary's creditors
• Crime victim's compensation received during the 12 months before filing, unemployment compensation, vocational rehabilitation benefits, worker's compensation, general assistance payments and tuition credit
• Seal and official register of notary public
• A minimum of 75% of wages due for 30 days; the judge may authorize more if you are a low-income debtor
• Any property, up to $400 in value

NOTE: These are the major bankruptcy exemptions. Check with your bankruptcy lawyer for a full exemptions list.

New Bankruptcy Law Changes - Outlines major changes you should know about in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), also known as the new bankruptcy laws.

This is important! The new bankruptcy law requires all debtors to fulfill two education requirements: a credit counseling course prior to filing and a financial management course before obtaining a discharge. Failure to complete either of these courses and file the appropriate certificates with the court will prevent a successful bankruptcy. The Chapter 13 Trustee will offer the required courses to Chapter 13 debtors, but Chapter 7 debtors are required to take the courses on their own.

Find a U.S. Trustee Approved Pre-Bankruptcy Counseling Provider and Post-Filing Debtor Education Provider.