Header Border

Contact for a free Initial Consultation (937) 247-6447

Stamps & Stamps: A legal team that has helped protect the legal interests
of the people of Ohio for more than 50 years. We’re here to help you.

Ohio Passes New Law Allowing You To Protect More Property And Eliminate More Debt

By Eric A. Stamps, Attorney at Law

On December 20, 2012, Governor Kasich signed into law a measure that significantly increases the value in your home that is protected (exempted) from creditors being able to get. The new law takes effect on or about March 27, 2013. When a person is filing bankruptcy the amount of property protected is a major concern for most people. The property that is protected is called an exemption or exempt property. Currently, a person is able to protect $21,625.00 in the home in which he or she lives. If the home is jointly held the exemption applies to each person. Therefore, a husband and wife who jointly own their residence are able to each protect $21,625.00 for a total of $43,250.00. For example, if the couple owns real estate worth $100,000.00 and they owe $40,000.00 on a mortgage, then they have total equity of $60,000.00. Only, $43,250.00 is currently protected from creditors getting it. That leaves $16,750.00 of unprotected equity.

If the owners filed for a fresh start bankruptcy (Chapter 7) then they likely would lose the home because of the excess or unprotected equity. If they filed to reorganize (Chapter 13) then they would be required to pay back to the creditors an amount equal or greater than they unprotected equity (in this case $16,750.00). Thanks to the new law, that’s all about to change. The new exemption amount is more than five times greater than the current amount. The new amount of $125,000.00 per person ($250,000.00 if jointly owned) takes effect March 27, 2013. This allows the owners in the above scenario to protect the entire interest in the home. Also, this allows the owners to eliminate more debt that would have been required to pay back if not for the new exemptions.

If you have debts that are causing you stress, sleepless nights, or worry, now is the time to contact my law firm for a free consultation to explain your rights and how we can help you eliminate your debt and keep your assets. Contact us today at (937) 247-6447 or via email at stampslaweric@hotmail.com for a free consultation. For more information, visit us on the web at www.stampsbankruptcylaw.com.

Tell us about your legal needs

I have read the disclaimer.
The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form. Close
Privacy Policy

DAYTON OFFICE

3814 Little York Road
Dayton, OH 45414

Toll Free: 888-435-0085

Phone: (937) 247-6447

Fax: 937-890-4694

Dayton Law Office Map

BEAVERCREEK OFFICE

4031 Colonel Glenn Highway
Beavercreek, OH 45431

Map & Directions

CENTERVILLE OFFICE

205 W. Franklin Street
Centerville, OH 45459

Map & Directions