26 Oct New Ohio Law Exempts Child and Earned Income Credit
The new Ohio exemptions statute that went into effect on October 1, 2008, Â§ 2329.66(A)(9)(g), exempts from creditor claims in bankruptcy the Child Tax Credit and the Earned Income Tax Credit claimed on federal income tax returns. These refundable credits can result in substantial tax refunds for working middle-class Americans with dependent children in the home.
Unlike Ohio, most state laws do NOT specifically exempt the Child Tax Credit, the Earned Income Tax Credit or tax refunds. Do NOT spend any tax refunds without the express permission of your bankruptcy trustee. Debtors should consult with their own attorneys to determine what law applies to their own bankruptcy cases BEFORE spending any tax refunds. Ohio debtors should find out from their attorney if the new law applies to their bankruptcy case if it was filed before October 1, 2008.
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