Posted on: 25th Feb, 2010 08:32 am
I lost my job a year ago. I was making 50 to 52 K a year, now I am lucky to make 22000 a year. I am on a commission only sales job. I avg approx 1500 to 1800 a month. My mortgage is 1065. My credit cards are 950. a month. Not counting Utilities, food, and gas expense to go to work. I have no savings. I had to literally depend on my cards to get by. I can move to my homestead that my brother and I are co-owners. If the house is appraised at 50K and that means my portion is 25K. Is it true I can have 20K is asset in Ohio which means I have 5,000 to put towards my debt ? I need a place to live, can the trustee take my homestead that my brother and I own ?
each state has their own laws regarding bankruptcy and homestead exemption. i would suggest you to discuss your case with a bankruptcy attorney before filing bankruptcy. he will be able to let you know whether or not you would be able to save your homestead property.