Keep More Property in Your Ohio Chapter 7

Thanks to the Ohio General Assembly, the exemption laws for Ohio got more generous to bankruptcy filers in September of '08. A partial list of assets that are exempt, meaning the bankruptcy trustee cannot take them from you (as and individual) is:
Homestead -- $20,200
Motor Vehicle -- $3,225
Cash -- $400
Household goods, furnishings, apparel, appliances, books, animals, crops, musical instruments, firearms and hunting and fishing equipment (each individual item cannot exceed $525) total aggregate value --$10,775
Jewelry --$1,350
Tools of trade or business -- $2,025
Wildcard (anything you choose) -- $1,075
Other assets are exempt, but this gives you an idea. If you can imagine, this list is much more generous than the previous version of the law. For example, under the prior law only $1,000 of motor vehicle was exempt, and we all know how much car one grand will buy.