Need advise for my boss

[010405]

What is the name of your state? OH
My boss is contemplating filing Chapter 7. He is married but will be filing by himself. His house and vehicles are in his wife's name but I think this was done only about a year ago. Will the creditors be able to get the equity in his house or vehicles if they are not in his name?

 

[ihatearizona]

If the transfer was over a year ago he should be OK. He should definitely check with his attorney prior to filing though.

If everything (not only the deeds, but also the loans) is out of his name and OH is not a community property state, then the creditors wouldn't be able to come after the equity. Chances are they wouldn't be able to anyway. Have you checked to see what OH's bankruptcy exemptions are?

 

[010405]

I have checked the exemptions but don't really understand them. Should have listened to my mother and become a lawyer.

 

[ihatearizona]

Ohio Bankruptcy Exemptions
( Assets that can be kept in a Ohio Bankruptcy )
Ohio has enacted legislation that regulates what property is protected from seizure when a debtor files bankruptcy. Ohio bankruptcy exemptions are assets that you get to keep when you file bankruptcy in Ohio.

HOMESTEAD EXEMPTIONS:

Real or personal property used as residence to $5000 (Ohio Exemption Code) 2329.66(A) (1) (b)
Property held as tenancy by the entirety may be exempt against debts owed by only one spouseIn re Thomas, 14 B.R. 423; (N.D. Ohio 1981)

PERSONAL PROPERTY EXEMPTIONS: Note: Jewelry must be counted toward the $1500/$2000 totals

Animals, crops, books, musical instruments, appliances, household goods, furnishings, hunting & fishing equipment & firearms to $200 per item, $1500 total ($2000 if no homestead claimed) (Ohio Exemption Code) 2329.66(A) (4) (b), (d)

Beds, bedding & clothing to $200 per item (Ohio Exemption Code) 2329.66(A) (3)

Burial plot (Ohio Exemption Code) 517.09, 2329.66(A) (3)

Cash, money due within 90 days, bank & security deposits & tax refund to $400 total (spouse without income can’t exempt tax refund, In re Smith, 77 B.R. (N.D. Ohio 1987) (Ohio Exemption Code) 517.09, 2329.66(A) (8)

Cooking unit & refrigerator to $300 each (Ohio Exemption Code) 2329.66(A) (3)

Health aids (Ohio Exemption Code) 2329.66(A) (7)

Jewelry to $200 per item (1 item may be to $400) (Ohio Exemption Code) 239.66(A) ( c), (d)

Lost future earnings needed for support, received during 12 months before filing (Ohio Exemption Code) 2329.66(A) (12) (d)

Motor vehicle to $1000 (Ohio Exemption Code) 2329.66(A) (2) (b)

Personal injury recoveries to $5000 (not to include pain & suffering), received during 12 months before filing (Ohio Exemption Code) 2329.66(A) (12) ( c)

Wrongful death recoveries for person debtor depended on, needed for support, received during 12 months before filing (Ohio Exemption Code) 2329.66(A) (12) (b)

INSURANCE EXEMPTIONS:

Benevolent society benefits to $5000 (Ohio Exemption Code) 2329.63, 2329.66(A) (6) (a)
Disability benefits to $600 per month (Ohio Exemption Code) 2329.66(A) (6) (e), 3923.19
Fraternal benefit society benefits (Ohio Exemption Code) 2329.66(A) (6) (d), 3921.18
Group life insurance policy or proceeds (Ohio Exemption Code) 2329.66(A) (6) ( c), 3917.05
Life, endowment or annuity contract avails for your spouse, child or dependent (Ohio Exemption Code) 2329.66(A) (6) (b), 3911.10
Life insurance proceeds for a spouse (Ohio Exemption Code) 3911.12
Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors (Ohio Exemption Code) 3911.14



PENSION EXEMPTIONS:

ERISA-qualified benefits needed for support (Ohio Exemption Code) 2329.66(A) (10) (b)
Firefighters, police officers (Ohio Exemption Code) 742.47
Firefighters’ police officers’ death benefits (Ohio Exemption Code) 2329.66(A) (10) (a)
IRAs needed for support (Ohio Exemption Code) 2329.66(A) (10) ( c)
Keoghs needed for support (Ohio Exemption Code) 2329.66(A) (10) ( c)
Public employees (Ohio Exemption Code) 145.56
Public school employees (Ohio Exemption Code) 3307.71, 3309.66
State highway patrol employees (Ohio Exemption Code) 5505.22
Volunteer firefighters’ dependents146.13



PUBLIC BENEFIT EXEMPTIONS:

Crime victim’s compensation, received during 12 months before filing (Ohio Exemption Code) 2329.66(A) (12) (a), 2743.66
General assistance payments (Ohio Exemption Code) 2329.66(A) (9) (e), 5113.03
Tuition credit (Ohio Exemption Code) 2329.66(A) (16)
Unemployment compensation (Ohio Exemption Code) 2329.66(A) (9) ( c), 4141.32
Vocational rehabilitation benefits (Ohio Exemption Code) 2329.66(A) (9) (a), 3304.19
Workers’ compensation (Ohio Exemption Code) 2329.66(A) (9) (b), 4123.67



MISCELLANEOUS EXEMPTIONS:

Alimony, child support needed for support (Ohio Exemption Code) 2329.66(A) (11)
Property of business partnership (Ohio Exemption Code) 1775.24, 2329.66(A) (14)



TOOLS OF THE TRADE EXEMPTIONS:

Implements, books & tools of trade to $750 (Ohio Exemption Code) 2329.66(A) (5)
Seal, official register of notary public (Ohio Exemption Code) 2329.66(A) (15), 147.04



WAGES EXEMPTION:

Minimum 75% of earned but unpaid wages due for 30 days; bankruptcy judge may authorize more for low-income debtors (Ohio Exemption Code) 2329.66(A) (13)



WILD CARD EXEMPTION:

$400 of any property (Ohio Exemption Code) 2329.66(A) (17)

I hope this helps.