Legal Question in Bankruptcy in Ohio

CHapter 7

I have $160,000 in unsecured debt and my business of 46 years is going to have to close. I have $70,000 in savings and my condo is worth $100,000. With chapter 7 will I loosose both the savings and condo? Can I transfer any savings to my children or grandchildren?


Asked on 10/18/07, 1:09 pm

1 Answer from Attorneys
Frank Rozanc Frank J. Rozanc, Esq.

Re: CHapter 7

In Ohio, you are only allowed to exempt from the trustee in bankruptcy $5000 in equity in your primary piece of real estate, and only $400 in cash. If you file Chapter 7 now, you will probably lose the savings, and the trustee will want to sell the house unless you can buy the excess equity back from him. You might want to talk to someone about Chapter 11 reorganization, which indidviduals are permitted if they are more han 100K in debt.

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Answered on 10/20/07, 1:58 pm


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