Pursuant to the enactment of Ohio House Bill 479 Section 2329.66, the homestead exemption for homeowners in the State of Ohio has increased from twenty-one thousand six hundred twenty-five dollars ($21,625) to one hundred twenty-five thousand dollars ($125,000) for individuals who are considering filing for Chapter 7 Bankruptcy protection. As a result of this new legislation, homeowners can protect significantly more equity in their homes, condominiums, and manufactured homes. As long as the debtor resides in the property, he or she is entitled to claim the exemption. Further, the exemption can be doubled for spouses who file bankruptcy jointly. Therefore, for those of you who have been hesitant about filing bankruptcy for fear of forfeiting your real estate, now is the time to file. If you have any questions or comments regarding this new law, please feel free to contact us.