Bankruptcy invalidating liens

29-Jan-2016 21:06 by 3 Comments

Bankruptcy invalidating liens

(For more information, see Cramdowns in Chapter 13 Bankruptcy.) In addition, if you have a wholly unsecured second mortgage or other junior lien on your house (including your principal residence), you can get rid of it through a process called lien stripping in Chapter 13 bankruptcy.

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But you can also cram down liens on other personal property as well as mortgages on rental or investment properties (but not your principal residence).A bankruptcy Judge would never sign a specific order removing a judgment lien against property that the petitioner might acquire at some point in time in the future.The discharge order stands on its own merits to releases all judgment debts against a person that has no real property at the time the case is filed.Thus the process bogs down when a title insurer refuses to issue a binder unless the lien is removed.Yet, if one does not own real property before the bankruptcy case is filed, the question then becomes, “To what does the lien attach?This information is provided to assist you in identifying Bankruptcy Filings, Tax Liens and lower court Judgments filed on an individual within a specified state.

The data is comprised of current Bankruptcy information from 50 states and Tax Liens and Judgments from 36 states.

In essence, the debt is “released” by the bankruptcy discharge.

In fact, if there is no property (owned or buying) for the lien to attach to, how then would a specific order be entered releasing the lien against the property (which would have to be specifically described within the motion to avoid the lien).

In Chapter 7 bankruptcy, you can avoid certain types of liens if they impair your bankruptcy exemptions.

Chapter 7 bankruptcy allows you to remove the following liens from your property if they impair an exemption you would otherwise be entitled to: But keep in mind that you cannot avoid statutory liens (such as a tax lien) or consensual liens (such as a mortgage) on your home or your car in Chapter 7 bankruptcy.

It is advisable to anyone who is filing a bankruptcy petition and who owns property or is buying property, to go to their county courthouse and ask the clerk to search the property address(es) for any judgment liens recorded against the property.

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