bankruptcy ohio exemptions
Home Exemption for Bankruptcy (Ohio)?
Why am I reading two conflicting laws about homes? One says if you have more then $5,000 in equity that you could lose your home. Another says that if it is your primary residence it is just exempt. Which is it?
How do the courts figure out if your home is exempt? Do they use your counties appraisal or the last appraisal used to get a loan?
For me it makes a huge difference. If my home is worth $44K (By county) and I have a loan for about $21K then I have more then $5,000 in equity. If my home is worth $22K (From a loan company) then it woudl be less then $5K.
The reason you are reading conflicting answers is because there are different exemptions available in different states. What’s more, even if you have more equity than the exemptions in your state allow, it is still possible to save the home by filing Ch 13 rather than Ch 7. Unlike some rumors circulating about Ch 13, it does NOT (necessarily) require you to “pay back all” of what you owe. It does require that you repay SOME percentage of your unsecured debts, possibly 0% (Ch 13 Plans repaying 0% have been confirmed by many bankruptcy courts in circumstances where the debtor cannot afford more than that).
This is why you ***REALLY*** need to talk with an experienced LOCAL bankruptcy attorney in person, not try to get your information from the Internet.
