house exemption in Ohio

[Spreckles]

What is the name of your state (only U.S. law)? Ohio
I dont want to lose my house if I file for chapter 7 I would use chapter 7 because my only income is $1,180 month social security check.
I co own house worth $65,000.
I read the homested exemption is for only $2,200 in Ohio. We still owe $36,000 and my old debts are for about $30,000 so I dont know exactly what my half share of the house would be.
How can I keep my house and not lose it with those amounts.
I dont own a car and all the furniture was my friends that I co own the house with before I met him, so it is all his not mine.
I do not work, but the bank our mortgage iis with has my social security check direct deposited to take the monthly mortgage out each month.
Help

 

[Mass_Shyster]

What is the name of your state (only U.S. law)? Ohio
I dont want to lose my house if I file for chapter 7 I would use chapter 7 because my only income is $1,180 month social security check.
I co own house worth $65,000.
I read the homested exemption is for only $2,200 in Ohio. We still owe $36,000 and my old debts are for about $30,000 so I dont know exactly what my half share of the house would be.
How can I keep my house and not lose it with those amounts.
I dont own a car and all the furniture was my friends that I co own the house with before I met him, so it is all his not mine.
I do not work, but the bank our mortgage iis with has my social security check direct deposited to take the monthly mortgage out each month.
Help

I think the Federal exemption in Section 522(d)(1) allows you to protect around $20,000 in equity.

You should see a bankruptcy attorney. The co-owner of the house may be a household member, and his/her income may count as household income.

 

[bigun]

Ohio recently raised the amount of equity that can be protected.

Ohio Bankruptcy Exemptions - OH Bankruptcy Exemptions

Ohio Bankruptcy Exemptions
Homestead $20,200
Four hundred dollars ($400.00) in cash $400
If claiming homestead, household goods and furnishings maximum of $200 each, total = $1,500;
If not claiming homestead, household goods and furnishings maximum of $200 each, total = $2,000
$1,500
Jewelery, if claiming homestead, $1,500;
Jewelery, if not claiming homestead, $2,000
$1,500
Wild card, personal property $525 in any particular item;
$10,775 in aggregate value
Motor vehicle $3,225
Tools of trade $2,025



* Cash for debtor not claiming homestead, $2,500;
NOTE: These are the major bankruptcy exemptions.
Check with your bankruptcy lawyer for a full exemptions list.


Most bk lawyers give free or lowcost initial consultations. Speak with a few and get all of your options explained.

 

[Spreckles]

homested exemption

If my half of the house is around $35,000 or so and the exemption is only $20,200 does that mean I would still have to lose the house as I dont have the rest of the moneys worth to cover my whole half of the house.
I co own the house with a friend, he is not a family member and we pay all our own bills separately and he doesnt want to lose the house.

 

[bigun]

In your initial post, you said the hose is worth $65K but, you still owe $36K leaving an equity of $29K.
Your half of that equity would be $14,500-below the exemption that Ohio allows. The house should not be in any danger.