Legal Question in Bankruptcy in Ohio

Re: bankruptcy in ohio

If you live in Ohio, how the California property will be affected depends on a number of factors, such as whether the California property has a mortgage, how much value or equity it has, and how much other property you have, such as automobiles or other personal property, as you are allowed to retain only a certain amount, or certain types, of property in bankruptcy. It also may affect whether you should best file a chapter 7 or a chapter 13 bankruptcy. If you would like to discuss the details further without financial obligation, please feel free to contact me.

Re: bankruptcy in ohio

Where you file depends on your residency--I'm not familiar with the interpretation of Ohio's state exemptions, but California's appear better. Whether you can keep the property depends on the total net value of what you have and whether there are enough exemptions available under the law to cover the whole of what you own.

For property, California law exempts $50,000, or $75,000 for families, or $125,000 if you're over 65, disabled, or earn a low income.

Re: bankruptcy in ohio

Where you file (i.e. venue) depends on whether, for the greater part of the 180 days preceding the filing, you have had principal assets in the district, whether you have been domiciled or have had a residence in the district, or a principal place of business in the district. The exemptions that my colleague mentioned only apply to a homestead. A "homestead" is defined in California Code of Civil Procedure � 704.710(c) as the principal dwelling in which you or your spouse reside. From your post, it does not appear that you live in the property. Thus, in California, the better exemption scheme would be under Code of Civil Procedure � 703.140(b)(5) -- i.e. only up to $18,350 of equity.