This is no joke – the tri-annual adjustment of exemption amounts set forth in Ohio Revised Code section 2329.66 goes into effect on April 1, 2013. Exemptions are laws which allow people who file for bankruptcy to protect their assets. After this change, more of an individual’s assets can be protected from judgments and creditors. The most notable change is the homestead exemption. An Ohio resident can now protect up to $132,900.00 in equity in his or her home, according to the Ohio Judicial Conference. Other exemptions have been increased too, including the exemptions for motor vehicles ($3,675), cash ($450), household items ($12,250 total), personal injury awards ($23,000), etc. Under the new law, people who file for bankruptcy in Ohio can have a greater degree of certainty that their assets will be protected.
Adjusted Ohio exemptions go into effect on April 1
On Behalf of [nap_names id="FIRM-NAME-1"] CO., LPA | Apr 1, 2013 | Bankruptcy
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