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Marcus Parker
Marcus Parker, Attorney
Category: Bankruptcy Law
Satisfied Customers: 460
Experience:  practicing attorney including bankruptcy
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140,000 in unsecured debt, own a motorcycle worth aprox ...

Customer Question

140,000 in unsecured debt, own a motorcycle worth aprox 8000.00 and have a loan on another. own a 3000.00 car and have a loan on a truck. wanting advice on chapter 13/7 bk...will we have to give up mc's in ohio? we were told that ch 13 would be 100 % repayment of 3400.00 per month...can't afford that amt. how can we keep our stuff and get debt relief? any advice

Edited by Customer on 7/13/2008 at 10:23 AM
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Marcus Parker replied 8 years ago.
Who told you "that ch 13 would be 100 % repayment of 3400.00 per month"?
Customer: replied 8 years ago.
the attorney that i spoke to. she said that in order for my husband to keep his motorcycles, we would have to repay 100% of the debt. we would have to let the one with payments get repossessed and the other would have to be sold along with the paid for car and other things to not pay 100%. a motorcycle is considered a luxury item in ohio. if we file chapter 7 all things would have to be sold. at this point we are considering debt settlement to not loose everything. we have lost over 2000.00 monthly in income due to job loss. we could afford a 25% repayment plan, but again would loose the vehicles. any advice?

Edited by Customer on 7/17/2008 at 8:38 AM
Expert:  Marcus Parker replied 8 years ago.

Your exemption rights are found in ORC §2329.66 Exempted interests and rights.

If the assets fit within the exemptions as defined there, you could keep them in a Chapter 7. Now, the attorney you spoke with is more knowledgeable about Ohio exemptions than I am, but are you saying that you have been advised that none of your property would be exempt?