Chapter 13 Bankruptcy: Understanding Lien Stripping
When filing for a Chapter 13 bankruptcy, lien stripping is a process that becomes available that can remove junior liens and ultimately make any debt accrued unsecured. Junior liens exclude a person’s primary mortgage; therefore, lien stripping is the process of removal of any additional mortgages you may have. Learn more about how Chapter 13 lien stripping can help you.
Chapter 13...
Overview
Like in business bankruptcy, individuals are able to file bankruptcy if they are unable to handle their financial burdens, in order to have their debts cancelled, paid through liquidation of their assets or reorganized into an affordable repayment plan. Some debts cannot be eliminated, such as secured debts, alimony, taxes, child support, and sometimes student loans. Bankruptcy can be used to help you from being foreclosed on your home...
Filing a Chapter 13 Bankruptcy: The Basics
Individuals who have an average income are able to file for Chapter 13 bankruptcy of the U.S. Bankruptcy Code. A Chapter 13 bankruptcy will allow a petitioner to keep his or her property and will also permit the petitioner to make monthly payments to lessen the debt.
Chapter 13 bankruptcy is commonly known as a wage earner’s plan. This form of bankruptcy will give debtors the ability to develop payment...