By filing the Chapter 7 bankruptcy petition against Erpenbeck in Kentucky, the subcontractors hope the U.S. Bankruptcy Court in Covington will appoint a trustee who can investigate Erpenbeck’s personal finances and find money to repay some or all of the money they say is owed to them. Getting the case heard in Kentucky could be critical to the subcontractors — JP Flooring Systems of West Chester, Groundmasters of Cincinnati and George R. Trumble of Florence — and their hopes of getting repaid.
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“A lot of people who are in financial trouble end up going to Florida because the laws are much more lenient,” said Robert Goering Sr., a veteran Cincinnati bankruptcy attorney. Erpenbeck has been living in his Fort Myers, Fla., condominium since the spring. John Finnan, the ousted president of Peoples Bank of Northern Kentucky, also has an address in Florida. Finnan has rented an apartment in Gulf Breeze in the Florida panhandle and is looking for a job there, said his attorney, John Schuh.
Finnan plans to move there, Schuh said, because “he can’t find work here in Cincinnati.” Finnan also co-owns a condominium in the same Fort Myers complex as Erpenbeck. To file a bankruptcy petition in Florida, the petitioner must live in Florida for more than half of the past 180 days. In that state, any money invested in a person’s primary residence cannot be touched by the homeowner’s creditors. But in Kentucky, only $10,000 of an individual’s home equity is exempt from creditors. In Kentucky, a bankruptcy court trustee can force the sale of a bankrupt defendant’s home, give $10,000 of the proceeds to the defendant and disperse the rest to his creditors.
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The Florida exemption has been used in the past by wealthy individuals who protected homes from being taken, including. Marvin Warner of Cincinnati’s Home State Savings Bank scandal, who fled to an estate in Florida. O.J. Simpson in a civil judgment related to the murders of his ex-wife and her friend. Bowie Kuhn, former Major League Baseball commissioner, after his New York law firm declared bankruptcy. Despite some attempts to make bankruptcy laws less lenient in states such as Florida and Texas, Goering said no significant changes have been approved. The homestead exemption wouldn’t be the only hurdle the subcontractors face in collecting what they say Bill Erpenbeck owes them.
