exemptions

[glc4122]

i have a question about exemptions. if if file bk chap 7 and do not want to reaffirm my home. when i file will the trustee sell the home if there is equity? what is the time frame when this take place? and what happens if the home doesn't sell fast? will bankruptcy linger on till the house sells? and when do i get my money for my exemption? also will he use this money after paying 1st. mortgage to unsecured creditors? or do i get my exemption money first before the unsecured creditors


thanks

[lrprn]

i have a question about exemptions.

Before we can answer your questions about your home, we need to know two things...

Which state are you in?

How much equity do you currently have in your home? (Equity is the current market value of your home minus what you owe on the home)

[glc4122]

exemptions

i live in ohio and approx $30000.00

[lrprn]

i live in ohio and approx $30000.00

Thanks for the information.

Unfortunately Ohio is notoriously stingy with exemptions. In Ohio for Homestead you are allowed only $5000 equity. You could add a $400 wildcard to bring it up to $5400 . This leaves $24,600 of your equity unprotected that the trustee may try to get by seizing your house and selling it.

However, Ohio is also a "tenancy by the entirety" state where the property (your house) may be exempt against debts owned only by one spouse.

Are you married? If you are and your spouse is NOT filing with you, then the house may be protected. You need to consult with 3-4 experienced bankruptcy lawyers in your area to find out where you stand. Most give free initial consultations. It's well worth your time to sort out what your best options are for your unique financial situation.

[glc4122]

exemptions

thanks for the help.