Ohio Bankruptcy Laws - Homestead Exemption Value

According to Ohio Revised Code Section 2329.66(A), $5,000 in homestead equity is exempt. Section 2329.68 - Appraisal of exempted property - provides "When it is necessary to ascertain the amount or value of personal property exempt under sections 2329.63 to 2329.71 of the Revised Code, it shall be estimated and appraised by two disinterested householders of the county, who shall be selected by the officer holding the execution and sworn by the officer to impartially make the appraisement." According to Section 2329.662 - federal exemption not authorized - "Pursuant to the "Bankruptcy Reform Act of 1978," 92 Stat. 2549, 11 U.S.C. 522(b)(1), this state specifically does not authorize debtors who are domiciled in this state to exempt the property specified in the "Bankruptcy Reform Act of 1978," 92 Stat. 2549, 11 U.S.C. 522(d)."

Operation of Ohio Bankruptcy Laws

Value in Ohio bankruptcy courts is determined based upon the fair market price, less amounts owed. "Fair market" is not a retail value expected by professional sellers or advertisers. Likewise, forced liquidation values are not representative of a fair market. The value of property is an estimate of an agreement reached between a willing buyer and a willing seller under current market conditions. Creditors may file objections to the calculation of equity which may be subject to disbursement.

See also, Federal Exemptions

Back to Ohio Bankruptcy Laws content page.