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We live in Ohio and was wondering if our house is sold because of a lein or bankruptcy-- do we get the $10,000.00 (homstead) right off the top before any creditor is paid
In bankruptcy, you are entitled to protect some equity based on the statute for homestead. If the bankruptcy court wants to sell your home to get to any additional equity that isn't protected, you would indeed get a check from the court up to the value of your homestead exemption.
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Bankruptcy Law
Answers by Expert:
Terry Leeders
Expertise
Handles Chapter 7 and Chapter 13 bankruptcy cases.
10 years of extensive bankruptcy experience. Filed over 3000 cases
Chicago Bankruptcy Lawyer website
"One On One Personal Service You Deserve"
Experience
I have been practicing bankruptcy law for 10 years. I have helped over 3000 consumer bankruptcy clients in that time.
Organizations
Chicago Bar Association
Illinois Bar Association
Publications
author of Chicago Bankruptcy Blog
Chicago Chapter 13 Bankruptcy Blog
Illinois Bankruptcy Law Blog
Fresh Start Partners
Education/Credentials
University of Illinois
Thomas M. Cooley Law School
Chicago Bankruptcy Lawyer website
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