Ohio Bankruptcy Laws - Personal Property

According to Ohio Revised Code Section 2329.66(A) the following items are exempt before Ohio bankruptcy courts: 1) Cooking unit & refrigerator to $300 each, 2) Health aids, 3) Jewelry to $200 per item, 4) Beds, bedding & clothing to $200 per item, 5) Burial plot, 6) Cash, money due within 90 days, bank & security deposits & tax refund to $400 total, 7) Animals, crops, books, musical instruments, appliances, household goods, furnishings, hunting & fishing equipment & firearms to $200 per item and $1500 total, and 8) Lost future earnings needed for support received during 12 months before filing. Additional items include: one motor vehicle to $1000, personal injury recoveries to $5000 exclusive of physical pain and metal suffering received during 12 months before filing, and wrongful death recoveries for person a debtor depends on for support received during the 12 months before filing.

Operation of Ohio bankruptcy laws with the Code

Pursuant to 11 U.S.C. 522(a)(2), "value'' means the fair market value as of the date of the filing of the petition or, with respect to property that becomes property of the estate after filing, the date property becomes property of the estate. Also, 11 U.S.C. 522(e) - non-enforceability of waivers - provides a waiver of an exemption executed in favor of a creditor that holds an unsecured claim against the debtor is unenforceable in a case under this title with respect to such claim against property that the debtor may exempt . . . and a waiver by the debtor of a power . . . to avoid a transfer . . . of exempt property . . . or to recover property or to preserve a transfer, is unenforceable in a case under this title.

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