AMENDED HOUSE BILL 479 SIGNED INTO LAW DEC 20TH WHICH INCREASES OHIO’S HOMESTEAD EXEMPTION

Attorney Brian Flick, with Godbey and Associates, was instrumental in getting legislation passed that increases Ohio’s homestead exemption for the second time in four years. Brian serves as an advocate leader for the National Association of Consumer Bankruptcy Attorneys and uses his knowledge of bankruptcy law to guide state and federal level efforts.

The main objective of House Bill 479, commonly known as the Ohio Asset Management Modernization Act (OAMMA), is to create legacy trusts in Ohio (also known as asset protection trusts).

In today’s challenging political environment, it can seem futile to even try and get positive changes in the bankruptcy laws at the state and federal levels.  The National Association Of Consumer Bankruptcy Attorneys (NACBA) field staff hears that view expressed at NACBA roundtables across the country.   We constantly have to remind ourselves to “stay in the game” and to seize opportunities that may present themselves.

That is what Ohio’s NACBA State Chairs Richard Nemeth and Wayne Novick did and they were successful in increasing Ohio’s homestead exemption for the second time in four years.  On December 20th, the Governor of Ohio signed into law  House Bill 479, which contains a provision that increases Ohio’s homestead exemption from $21,625 (current) to $125,000.  The legislation, which takes effect in March, was championed by Republican lawmakers who supported  the legislation as instrumental to creating a favorable small business climate in the state.  The legislation, which takes effect in March, was championed by Republican lawmakers who supported  the legislation as instrumental to creating a favorable small business climate in the state.  The legislation passed unanimously in a Republican controlled legislature, and  Republican Governor John Kasich signed it into law.

A hearty congratulations to  NACBA’s Ohio state chairs, Richard Nemeth and Wayne Novick,  and to Brian FlickNACBA Advocate Leader, for their involvement in this successful effort.  We are fortunate to have them involved at the state level and in  NACBA’s federal advocacy efforts.  Their efforts have proven that you can seize opportunities and make them work to your advantage.  They are an inspiration to all of us who seek to make the bankruptcy system more fair and effective for our clients.

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