Ohio House Bill 479 goes into effect on March 27, 2013. This law amends Ohio Revised Code Section 2329.66 and allows an individual to protect up to $125,000 in equity in a parcel of property used as a residence. Under prior law, an individual residing in Ohio could only protect $21,650.00 in equity in his or her homestead. This is a very positive development for individuals seeking to protect their most important asset, their home, both in bankruptcy and outside of bankruptcy. The new law also expands protections for IRA and 529 College Savings accounts. And it gets better: the tri-annual automatic adjustments go into effect on April 1, 2013 which will increase the amount of equity to be protected. Please follow our blog for updates.
