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.
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Attorney Gigiano is your Medina County Bankruptcy Attorney, Summit County Bankruptcy Attorney, and Wayne County Bankruptcy Attorney. Many of his clients reside in Wadsworth, Medina, Seville, Sharon Center, Lodi, Norton, Barberton, Copley, Doylestown, Rittman, Orrville, Marshallville, Wooster, and other surrounding communities. These clients would go to either the Akron or Canton Bankruptcy Court.
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To read more, take a look at some of my other articles: no more debtors’ prison in Ohio, bankruptcy is in the constitution, can debt collectors harass you, save your home from foreclosure, can you lose your home in bankruptcy, Ohio legislature passes law to protect homes., and can you go to jail for not paying payday loans. I have successfully handled the bankruptcy needs for my clients, including the more complicated ones, as set forth in the case highlights section. My hard work and results are reflected in the positive reviews from my clients: Daniel Gigiano reviews; Daniel Gigiano ratings; and Daniel Gigiano work.
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If you have questions about the new homestead exemption or any other bankruptcy issue, please call Attorney Daniel F. Gigiano at 330-336-3330.
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P.S. Sometime after I wrote this article, the Canton Bankruptcy Court ruled on this issue. Click on the following link to read about how homes get greater protection in bankruptcy in Canton Bankruptcy Court: homestead exemption ruling in Canton Bankruptcy Court.