Questions Answered by Kenneth L. Sheppard Jr.

Q: My mother died last year. My dad added me to the deed to keep everything out of probate if anything happens to him.

2 Answers | Asked in Bankruptcy for Ohio on
Answered on Mar 27, 2019
Kenneth L. Sheppard Jr.'s answer
It doesn't sound as if the house is your primary residence, so the homestead exemption does not apply. Therefore, if you filed for Chapter 7 bankruptcy, one half of the value of the home is subject to liquidation. On the other hand, if the residence is your primary residence, then the homestead exemption would apply to your one-half interest. Value of the residence would need to be determined to answer the question of whether there is any unprotected equity of your interest.

Q: I spoke to a lawyer about qualifying for bankruptcy and she said we made too much to try back in a couple of months when

3 Answers | Asked in Bankruptcy for Ohio on
Answered on Feb 3, 2019
Kenneth L. Sheppard Jr.'s answer
Here's your possible negative ramification: Be aware of the following 30 day rule if a car loan is obtained on a vehicle right before you file bankruptcy. If your new car lienholder does not properly perfect its lien within 30 days of you taking delivery of the vehicle, then the Chapter 7 Trustee can void the lienholder’s lien and that allows the Trustee to sell your car. You will get nothing, and you lose any money you had put down and/or the trade in value of your old vehicle. Lien date...

Q: I have a car that I just got out of repo. Made a few months pay on it. Can I file chapter 7 and not make this payment

2 Answers | Asked in Bankruptcy for Ohio on
Answered on Dec 7, 2018
Kenneth L. Sheppard Jr.'s answer
With vehicles in a Chapter 7 bankruptcy, you must inform your creditor of your intent to either keep or surrender the vehicle. That document is called a Statement of Intention. If you are not current at the time you file or if you later become delinquent on the vehicle during the bankruptcy, the creditor may seek to recover the vehicle by filing a motion for relief from stay. You probably just need to be clear with what you wish to do and then your attorney can handle the matter from there....

Q: I Live In Ohio. I Filed For Bankruptcy 20 And 10 Years Ago. Can I Do It Again. Got A Divorce. Now Behind On Bills.

1 Answer | Asked in Bankruptcy for Ohio on
Answered on Feb 8, 2018
Kenneth L. Sheppard Jr.'s answer
Yes, the time period between filing Chapter 7 bankruptcies is 8 years. There are other requirements and things to consider to make sure your situation is handled correctly, but yes you are ok to file based upon the time period.

Q: I'm over 30,000 in debt i own my mobile home out right just had my 2014 car repo. can i file bankrupcy.

1 Answer | Asked in Bankruptcy for Ohio on
Answered on Jan 27, 2018
Kenneth L. Sheppard Jr.'s answer
Your question is very broad, but I'll try to share some general information with you. Filing a bankruptcy has several requirements or components to it. The first question would be which type of bankruptcy may be appropriate given your overall situation. A Chapter 7 involves qualifying you and determining whether your assets are protected. A Chapter 13 deals with feasibility. Your debt has to be classified as unsecured or secured, and if unsecured, then whether it is to be given priority. The...

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