Results 1 to 5 of 5

Hybrid View

  1. #1
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Bankruptcy and Collector Cars

    These are the major bankruptcy exemptions in Ohio. Please check with a bankruptcy attorney for full exemption list & they can also answer any other questions you might have.

    Homestead $5,000
    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
    Jewelery, if claiming homestead, $1,500;
    Jewelery, if not claiming homestead, $2,000
    Wild card, personal property $400
    Motor vehicle $1,000
    Tools of trade $750

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Bankruptcy and Collector Cars

    As was discussed here only yesterday,
    Quote Quoting Mr. Knowitall
    View Post
    In Chapter 13, the value of your assets above the exemption are considered in relation to the amount of your repayment plan. The payments received by your creditors must be at least as much as they would have received under Chapter 7, but your assets aren't sold off - your payments may be larger than they would have been had your estate been less valuable.
    The catch is, if you have so many assets that you're payment plan ends up being in the vicinity of 100%, you have to figure out if you can afford the plan or if you'll get enough benefit from its structure to justify going through bankruptcy.

  3. #3
    Join Date
    Dec 2007
    Location
    Ohio
    Posts
    2,006

    Default Re: Bankruptcy and Collector Cars

    I am not willing to give them up. I want to keep my house and the cars that we have.
    You may not be willing to give them up but unless you come into some kind of windfall of cash, it's likely to happen. Your also better off selling them yourself outright than getting them taken from you. I'm with Uncle Mikey on this one, being realistic, whats more important, your house or these antiques?

    Despirate times call for despirate measures.
    Your other option is of course to try and sell the house and hopefully you get what you owe on it.

    1. Sponsored Links
       

Similar Threads

  1. What Do You Think About the Future of Cars
    By Guilty Or Not Guilty in forum Banter
    Replies: 3
    Last Post: 10-03-2010, 10:32 AM
  2. Getting My Cars Out of My Ex-Girlfriend's Name
    By kingjamesjr in forum Vehicle Registration and Title
    Replies: 1
    Last Post: 02-18-2010, 07:06 PM
  3. Burglary: Breaking into Cars
    By kozmik in forum Criminal Charges
    Replies: 7
    Last Post: 02-05-2009, 09:23 AM
  4. Student Loans: School Loans, Collector Offers and Bankruptcy
    By Lightingbird in forum Debts and Collections
    Replies: 1
    Last Post: 06-16-2007, 08:22 AM
  5. Chapter 7: Keeping Cars in Chapter 7 Bankruptcy
    By jdjeans in forum Bankruptcy Law
    Replies: 1
    Last Post: 07-27-2005, 03:05 PM
 
 
Sponsored Links

Legal Help, Information and Resources