Law Offices of Adam M Weiner BBB Business Review
Free & Confidential Consultations
Call Today! 503.719.5123

Special Way Chapter 13 Saves Your Home

by Adam Weiner

A Very Special Way Chapter 13 Saves Your Home

Adam M. Weiner Bankruptcy Layer, Attorney, chapter 13, save Home

IF all of the equity in the home is completely covered by the “senior” mortgage(s), leaving not a penny of equity to cover the next-in-line mortgage or line of credit, then in a Chapter 13 Bankruptcy the junior mortgage and/or line of credit can be stripped away. In that case, the junior mortgage or line of credit would become an unsecured debt and once the Chapter 13 Bankruptcy is successfully completed, then the lien and the debt would both be eliminated. The stripping of consensual liens that that are wholly unsecured can only be accomplished in a Chapter 13 Bankruptcy (in a Chapter 7 Bankruptcy it is only possible to remove non-consensual liens, like judgment liens, that impair the debtor’s homestead exemption). It is important to speak with an experienced bankruptcy attorney in Portland to discuss this issue and any other question regarding bankruptcy law.

Bookmark this on Hatena Bookmark
Hatena Bookmark - Special Way Chapter 13 Saves Your Home
Share on Facebook
[`google_buzz` not found]
[`yahoo` not found]
[`livedoor` not found]
[`friendfeed` not found]

Leave a Reply

Your email address will not be published. Required fields are marked *


Paste your AdWords Remarketing code here