Protect the equity in your home!
July 8th, 2022
Real estate values are at some of the highest levels of all time. According to this article in Forbes, the median national home price was $447,000.00 (as of June 2, 2022).
The good news is that, if your own your home in Ohio, a significant amount of the home's equity is protected if you file for bankruptcy. The equity in your home must exceed $161,375.00 before the bankruptcy estate will take any interest in it. For example, if you owe $200,000.00 on your home, the house must be worth in excess of $361,000.00 before you would risk losing it to a Chapter 7 trustee based upon the home's equity. If you're married and your spouse's name is on the deed, the homestead exemption doubles to $322,750.00!
Perhaps you're thinking about selling your home but you are afraid that you will lose all of your home's equity paying off credit cards. You can file for bankruptcy, wipe out the credit card debt, and then sell your home after the case is finished. However, the timing of the bankruptcy's filing relative to the sale of the home can be incredibly important.
If you think that bankruptcy might be a good option for you, call to schedule a free initial appointment with me!