> October, 2013 | Daniel F. Gigiano Co., L.P.A.
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Archive for October, 2013

Homes Get Greater Protection In Bankruptcy

In Ohio, you can now keep even more of your assets when you file for bankruptcy.  Starting April 1, 2013, each person can keep up to $132,900 of equity in their home, which adds up to $265,800 for a married couple filing a joint bankruptcy.  This is over five times more than the amount people were allowed to keep before.  In other words, homes get greater protection in bankruptcy.  However, some opponents of this new law are arguing that it only applies to debt incurred after March of 2013, and that the old protection of $21,625 per person would apply to all debt incurred prior to that time.  So far, a bankruptcy judge in Toledo has stated that the new exemption of $132,900 applies to all debts.  I will be watching to see if the judges in Akron and Canton Bankruptcy Courts agree with the judge in Toledo. (more…)