Q: How is half ownership on a house used in bankruptcy?
My spouse is filing bankruptcy and we both have half ownership on the house. I read in Ohio roughly 136,000 is the equity exception. What does this mean and how does it affect if this asset can be taken? We are caught up on payments and have never missed one on the house and plan to continue to pay regularly.
A: If the equity exemption is 136,000 in Ohio, you should be fine unless you have more than 136,000 in equity in the house. Equity is value of house minus amounts owed. Contact an experienced bankruptcy lawyer to determine the next move!
A: As Timothy pointed out, in Ohio you do have an exemption in the equity of your house of approximately $136,000, but there are a number of things that could be wrong with your deed and mortgage that might put your home at risk. Please do not file your case without consulting and experienced bankruptcy attorney.
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