Bankruptcy

Ohio Senate Bill Softens Sting of Bankruptcy

By J. Michael McBride

Ohio Senate Bill 281 passed in a rare Thursday session. The bill would allow a bankruptcy debtor to claim $20,200 worth of equity from their home. Ohio's current homestead exemption (which hasn't been updated in nearly 30 years) is $5,000--one of the lowest in the country. Attorney General Marc Dann and state Treasurer Richard Cordray supported the bill, but are worried about it's chances in the House. Sen. Bill Seitz said, "[i]t might have a little tougher sledding over there because there's some very prominent folks over there who are creditor attorney types."

Sen. Jeff Jocobson was proud that the Senate rejected the House's proposed amendment that extended the bankruptcy judgment effective timeline from 5 years to 10 years. "That extra millstone around people's necks is exactly the opposition of what we should be looking to do in the bill, "he said. "I am concerned we will see it again in the House."

You can read the entire article at: http://www.dispatch.com/live/content/local_news/stories/2008/03/14/leg14.ART_ART_03-14-08_B3_GA9L1HO.html?type=rss&cat=&sid=101

Chandra

Full post as published by Texas Lawyer Blog on March 18, 2008 (boomark / email).