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Chapter 7 bankruptcy offers exemptions to filers in Ohio

The mayor of a small city in another state has declared personal bankruptcy. Like readers in Ohio, the man in this Chapter 7 bankruptcy proceeding found that he was unable to repay the debts that he had accumulated. The mayor explained that his financial problems were partially attributed to the recent recession that has affected us all.

The mayor's difficulties occurred in the aftermath of the real estate crisis. He worked as a real estate developer. He accumulated some $10.8 million in debts that includes a mortgage on his home, other real property, personal loans and back taxes. The total value of his assets were said to be $1.4 million.

Like people in Ohio who file for Chapter 7 bankruptcy, the man at the center of this case will likely seek to retain as much of his personal property as possible. In addition, he will seek to discharge some, if not all, of his unsecured debts. Bankruptcy exemptions permitted under the laws of his state may help him in this regard.

However, the man may find that he is unable to discharge his tax debt. Like child support payments and student loans, tax debt is usually not available for Chapter 7 bankruptcy discharge. Nevertheless, there are many laws that govern the bankruptcy process, and there are some exceptions that apply. To ensure that the best alternative is chosen and the most favorable outcome achieved, a person may benefit by gaining an understanding of the applicable laws and procedures as they work to prepare to file a Chapter 7 bankruptcy petition.

Source: Winston-Salem Journal, "Greensboro mayor is $10.8 million in debt, bankruptcy records show," Amanda Lehmert, April 9, 2013

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