Reader’s Question: I want to pay off 10,000 in charge cards but keep my home. Is this possible?
Ohio Bankruptcy Attorney Russ Cope’s Answer
Either Chapter 7 or Chapter 13 will allow you to address the $10,000 charge card debt. Chapter 7 will eliminate the debt completely, assuming you meet the eligibility requirements to file for Chapter 7 relief. Chapter 13 bankruptcy will allow you to repay a percentage of the debt and eliminate the remaining percentage, if any.
You can absolutely keep your home in a Chapter 13 bankruptcy. In Chapter 7, you can keep the home so long as a couple of things are true. First, you have to be current on the mortgage note or have the ability to become current rather quickly. Second, you mustn’t have too much equity in the real estate. In Ohio, the amount of equity you can protect is substantial. Ohio’s homestead exemption is adjusted every three years, and as of April 1, 2025 it shields up to $182,625 of equity in your primary residence — double that ($365,250) for married couples filing jointly.
It is important to remember that bankruptcy is very predictable. An experienced bankruptcy attorney can evaluate your circumstances and tell you exactly how filing will effect your property and your debt.
Want to know exactly what you could keep? See what property is protected in Ohio Chapter 7 bankruptcy, or contact us for a free consultation to review your situation.
About Russ Cope
Russ B. Cope is dedicated to legal standards that go far beyond filing cases — he is interested in your goals. Russ wants to be certain that each client is making an informed decision that will make their life better, and thrives on the interaction between lawyer and client.
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