Ohio Amends Law Exempting Property From Attachment
The Ohio General Assembly recently passed Senate Bill 281, increasing the amount of property that a debtor may hold exempt from execution, garnishment, attachment or sale for the satisfaction of a judgment.
The revisions to Ohio’s exemption law set forth in O.R.C. § 2329.66 become effective on September 30, 2008.
Ohio’s current exemptions have not been revised since 1979. The purpose of the Senate Bill 281 increase is to make the exemptions reflect the current cost of living in 2008. The higher amounts in Senate Bill 281 bring Ohio’s exemptions in line with current federal exemptions under the United States Bankruptcy Code.
Some of the revisions to the exemption law include the following:
- The exemption in real or personal property used as a residence will be raised from $5,000 to $20,200 per debtor;
- The exemption for any particular household furnishing or household good for personal or family use has been increased from $200 to $525 with a new cap that limits the aggregate exemption for such items to $10,775.
- The exemption in a motor vehicle will be increased from $1,000 to $3,225;
- The exemption in professional books and tools of the trade will be increased from $750 to $2,025;
- The “catchall” exemption that applies to any property owned by a debtor will be increased from $400 to $1,075.
Senate Bill 281 also includes automatic adjustments to Ohio’s exemptions based on inflation. The first adjustment is scheduled to occur on April 1, 2010, and the exemptions will adjust on the same day every three years based on the consumer price index.
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William T. Repasky practices with the Litigation Department at Frost Brown Todd. He focuses on lending and commercial services; banking litigation and financial institutions.