Percentage of payback qusetion

[moose568]

I have a house worth $180,000 and owe $125,000 on it. I own my truck outright and it's value is $25,000. I have a business that I'm closing due to it's losing money. I owe $50,000 on it with store assets of $15,000. Also I have two years left on the stores lease at $1000 p/month. I just went to my lawyer today and he said that it was to early to tell what I must pay back. My question is this, what is the percentage (on average) must I pay back. I want to keep the house and truck.

Thanks!

[Boscoe]

First question is what state are you in, so we will know what kind of exemptions you are entitled to. Are you sure about the $55k equity you say you have in your house? Prices are dropping all around the country and probably are where you live too.....

Your payback % all depends on your income (last 6 months worth x 2 to determine annual income) and your allowable expenses.

[moose568]

I live in Ohio and I'm certain on the equity in the house.

[lrprn]

I live in Ohio and I'm certain on the equity in the house.

Here's a link to the very stingy Ohio exemptions - http://www.bankruptcyinformation.com/OH_exemp.htm

Looks like you can protect a whopping $5,000 equity in your home (although "Property held as tenancy by the entirety may be exempt against debts owed by only one spouse" - in other words, your house could be ok if it's owned by a non-filing spouse.) Unfortunately $5K isn't going to come close to protecting $55,000 in equity - your house could be at risk if you file.

Worse, for motor vehicles, Ohio exemptions protect only $1000 of equity. Your $25k paid-off car will definitely be at risk. There's a wild card of $400 that you can use to protect any property you want [sheesh! how generous! (said with sarcasm)]

With both your car and home at risk to being taken by the trustee and sold or you having to pay the trustee the extra you can't protect in order to keep them, you need expert advice from an experienced Ohio bankruptcy lawyer to sort out whether you should file or not. Set up 3-4 free or low-cost initial consultation appointments with different bk lawyers in your area and find out for sure where you stand.

[moose568]

I'm married and we are both on the hook. If they take the autos, how are we going to get to work?

P.S. Ohio SUCKS!

[nc73]

I'm married and we are both on the hook. If they take the autos, how are we going to get to work?

P.S. Ohio SUCKS!

Take the bus? Move to TX!!!! very very debt friendly state.

[Bandit]

...or Kansas...

Here's a link to the very stingy Ohio exemptions

very stingy.