What Is Ohio’s Wildcard Exemption?

With a wildcard exemption, you can choose up to $1,325 of your personal property that you want to exempt from a bankruptcy filing.

Every state has exemptions when it comes to protecting some of your property from bankruptcy. Ohio has a number of exemptions, from your homestead to your motor vehicle and your personal property. One exemption that you may not have heard of is the wildcard exemption. Here, learn more about it and decide if you’ll use it when filing for bankruptcy.

Ohio’s Wildcard Exemption

Ohio’s wildcard exemption allows you to exempt any of your property without limitations. It will cover up to $1,325 total. Before declaring bankruptcy, you can figure out what you’ll want to use as your wildcard exemption.

Other Exemption Limits in Ohio

Some other exemptions include your home, your car, and other types of assets. For your homestead, the exemption limit is up to $19,300 of equity in tangible personal property or real estate. You or your dependents will have to reside in this home when you declare it as an exemption.

The car exemption allows you to exempt a maximum of $4,000 of equity in one of your vehicles. The rules are going to be different if you’re financing your car.

There are also exemptions for pensions and retirement benefits, personal property (such as up to $1,700 in value of the jewelry you own or a maximum of $25,175 of value in a personal injury award that you received within 12 months of bankruptcy filing), child or spousal support, and 75% of your wages.

Contacting Richard P. Arthur for Bankruptcy Help

Richard P. Arthur, Attorney at Law, can help you file for bankruptcy and determine what personal property could be exempt. You can call 937-254-3738 for a consultation. He has nearly three decades of experience advocating for families in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.