Ohio law allows homeowners to keep up to $2,200 worth of real or personal property. Homeowners can elect to apply the entire $2,200 toward the equity in their home. If they have more than $2,200 worth of equity in their home then the bankruptcy court might require that the homeowner sell the home in order to satisfy creditors who do not have a security interest in the property.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.