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#1
08-18-2003, 03:52 PM
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Sub-Contractor - Chapter 7What is the name of your state? Ohio Dump truck owner/operator considering Chapter 7; does anyone know what the exemption amount would be for truck? Would this truck just be included as asset in individual bankruptcy? Thanks. |
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#2
08-18-2003, 04:57 PM
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| If its the source of income, it could be considered as a 'tool of the trade'. Depends on how much its worth and what the exemption is.
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
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#3
08-18-2003, 05:21 PM
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Sub-Contractor Chapter 7Thanks, Ladyinred, for your reply. Under Ohio Exemptions it looks like only $400 for "tools of the trade". That doesn't seem right, but that's what it says. What do you think? I'm sure the truck is worth probably $10,000, but it is the sole means of supporting a family. I find it hard to believe they would take a person's livelihood and only way to earn a living, don't you? |
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#4
08-18-2003, 05:24 PM
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| Probably not, no. I hadn't looked at the exemptions and 'tools of the trade' may NOT be the right way to classify the dump truck. You really should speak to a bankrupty lawyer to find out just what to do with the truck. Most give free consultations.
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
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