Legal Question in Bankruptcy in Ohio

chapter 13 and keeping your home

We are currently building a new home, and trying very hard to avoid bankruptcy, due to unforseen cirumstances.

My question is, if this is our only place of residence, as we are now renting, how much equity can be in the home, for us to not be risking loosing it?

The construction loan bank, apprasied it before it was built. The loan is for $230,000 plus closing costs, and they said the house would be worth approx. $290,000.

So we wanted to know if we ended up having to go bankrupt, due to suits filed and judgements awarded against our business (they also included my husband, personally in the suits) how difficult it would be to keep our new home.

Thank you!


Asked on 11/27/06, 2:13 pm

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

Re: chapter 13 and keeping your home

The most equity you can exempt under Ohio law in real estate jointly owned is $10000. But you could buy any excess equity back over time with the consent of the trustee. An independent appraisal might be needed.

Read more
Answered on 11/27/06, 4:45 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Ohio