Legal Question in Bankruptcy in Ohio
Bankruptcy Homested Exemptions
I moved to Ohio in March of this year and purchased a small home for $33,000 from money I drew from my IRA. I lived in California for 5 years prior to moving to Ohio. What exemtions will the Bankruptcy Court allow me to use?
Thanks,
Wayne
Asked on 7/30/08, 7:08 pm
1 Answer from Attorneys
Frank Rozanc
Frank J. Rozanc, Esq.
Re: Bankruptcy Homested Exemptions
You will not be allowed to file Chapter 7 bankruptcy until you have resided in the particular district for at least 180 days. The Ohio exemption statute is ORC 2329.66, and it only permits a $5000.00 exemption per person for equity in real estate. Other states are much more generous.
Answered on 7/30/08, 11:06 pm
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