Valencia Attorney for Lien Stripping
What Is Lien Stripping?
A lien is a legal claim to a piece of property, or a hold on that property.
If you possess a junior lien in the form of a second or third mortgage
on a home, and are filing for
bankruptcy, then you may be able to "strip," that lien in the course of your
bankruptcy proceedings. This is especially beneficial in situations where the balance
owed to the primary lienholder (as in a first mortgage) exceeds the current
value of the home. By stripping off this lien, which is treated as an
unsecured claim, you may be able to eradicate debt in order for you to
more easily pay back your existing debt as part of your Chapter 13 payment
plan. In essence, lien stripping turns what was secured debt (which must
be paid in full in order to keep a property) into unsecured debt, and
it will be treated the same as a credit card or unsecured loan in your
Chapter 13 case.
If you are interested in obtaining further information on the stripping
of property liens, such as lines of credit, or a second or third mortgage,
it is recommended that you contact a Valencia bankruptcy lawyer who can
provide you with immediate help.
Lien Stripping Help From a Valencia Bankruptcy Attorney
The attorney team at
RJB Law Offices is intimately familiar with all aspects of the
bankruptcy process, including the nuances of
Chapter 7 and Chapter 13 cases. We are available to assist you if you are intent
on stripping a property lien in the course of your bankruptcy proceedings.
Contact our offices today, and we will work towards making your Chapter
13 filing as efficient and beneficial to you as possible.
Contact a Valencia Lien Stripping Attorney
for information regarding the elimination of a junior lien in your Chapter
13 bankruptcy proceedings.