Legal Question in Bankruptcy in Ohio
ohio bankruptcy laws
Can a couple file bankruptcy in Ohio and keep their home and their
vehicles?
Asked on 8/12/08, 10:38 am
1 Answer from Attorneys
Frank Rozanc
Frank J. Rozanc, Esq.
Re: ohio bankruptcy laws
That depends entirely on how much equity they have in the real estate and vehicles. Ohio law allows a $5000.00 equity exemption per owner for real estate they reside in, and $1000.00 in any one vehicle. Any equity over and above that can be gone after by the bankruptcy trustee to try and pay off unsecured creditors. An analysis of which chapter of the Bankruptcy code, if any, would be most appropriate.
Answered on 8/12/08, 4:00 pm
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