I have a rental house that I cannot make the payments on. I am considering foreclosure. I do not own any other property. I am looking at a Chapter 7 to just get rid of this house but have other possessions that I do not want to include in a bankruptcy. I currently have a loan on a motor home that is joint with my father as well as a couple of vehicles that I do not want to claim in a bankruptcy, as well as other possessions. Can someone explain the exemptions of a chapter 7. As stated above, I only want to list this rental house in the bankruptcy. thanks for any advice....
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When you file bankruptcy, you must list ALL assets and ALL debts. No picking and choosing. There are exemptions to protect your assets but those can vary state to state. What state are you in? -
Thanks for your reply...we live in Ohio.Comment
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Here is a link to Ohio exemptions. I am not sure if the numbers are current since I don't live in Ohio, but it will at least give you a general idea of what types of items will be exempt.
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