Posted by: admin in chapter 13 bankruptcy info on
cantstoptherobots asked:
i keep getting conflicting information. my car was paid off in full on one of the credit cards i am filing bankruptcy on. so i own it outright. it is my only car, it has a value of 7-8500 depending who you ask. if i filed 7 could i keep my car? obviously i would rather file 7 then 13.
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i keep getting conflicting information. my car was paid off in full on one of the credit cards i am filing bankruptcy on. so i own it outright. it is my only car, it has a value of 7-8500 depending who you ask. if i filed 7 could i keep my car? obviously i would rather file 7 then 13.
Here are the exemptions under Chpt 7 for Ohio
Personal Property: Animals, crops, books, musical instruments, clothing, appliances, household goods, furnishings, jewelry, sporting equipment and firearms up to $200 per item; refrigerator and stove up to $300 each, one item of jewelry up to $400, not to exceed $1,500 total; however, can claim $2,000 total if real estate exemption not used [2329.66(A)(3), 2329.66(A)(4)(b) and (d), 2329.66(A)(c) and (d)]; motor vehicle up to $1,000 [2329.66(A)(2)]; bank deposits, cash and money due within 90 days, security deposits and tax refunds, up to $400 total [2329.66(4)(a)]; health aids, unlimited amount [2329.66(A)(7)]; beds, bedding and clothing up to $200 per item [2329.66(A)(3)]; burial plot, unlimited amount [517.09 and 2329.66(A)(3)]; implements, books and tools of trade up to $7,500 [2329.66(A)(5)]; lost future earnings, amount needed for support if received during 12 months before filing bankruptcy [2329.66(A)(12)(d)]; wrongful death recoveries, amount needed for support if received during 12 months before filing bankruptcy [2329.66(a)(12)(b)]; personal injury recoveries up to $5,000 if received during 12 months before filing bankruptcy, but not for pain and suffering [2329.66(A)(12)(c)]
You may have to sell the car sorry to say.
Hope this answers your question