Legal Question in Bankruptcy in Ohio

Personal Residence

I currently own a 3 unit Apartment, free and clear, no liens, it is unsecured. I am having to move into one of the units, due to filing bankruptcy. Will I be able to retain this property as this will be my primary residence?


Asked on 6/09/03, 3:45 pm

2 Answers from Attorneys
Steven Schiller Steven L. Schiller, Attorney at Law

Re: Personal Residence

Probably the property is worth a lot more than $5,000. However, yon may still be able to keep the property in a chapter 13. Making a monthly payment through the court can prevent you from losing the non-exempt portion of the property. If you would like to discuss how this can be done, feel free to contact me.

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Answered on 6/09/03, 10:35 pm
D. Domanovic D. Domanovic, Atty.

Re: Personal Residence

A person is entitled to an exemption of $5000 in property used as a residence.

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Answered on 6/09/03, 3:59 pm


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