Lien stripping simply refers to a process within a Chapter 13 bankruptcy that allows individuals who are upside down on their loans to get rid of any junior liens, such as second or third mortgages. "Upside down" means that the value of the home has dropped below the amount of the owed for the first loan balance. That results in the junior liens becoming unsecured, which essentially means that there is no collateral to secure the loan. Within the context of a bankruptcy, a stripped lien is … [Read more...] about Second Mortgage Lien Stripping With Chapter 13 Bankruptcy
Chapter 13 Bankruptcy
Los Angeles Bankruptcy Lawyer
An experienced Los Angeles bankruptcy lawyer can help if any of these situations apply to you: Overwhelmed by creditors who are constantly harassing you for unpaid bills Facing lawsuits from companies that you owe money to Can't keep up with monthly payments on your car or home This is the moment to start on the road to financial freedom. Filing Bankruptcy immediately stops collections, stops any lawsuits, stops wage garnishment, and wipes out credit card debt, medical debt, and … [Read more...] about Los Angeles Bankruptcy Lawyer
Reasons to File Bankruptcy
If you have gotten to the point where you are researching the different types of bankruptcy and the benefits of each, there is probably a very good reason for it. Nobody gets into debt or takes out a loan with the intention of having to file bankruptcy, but for many, filing to eliminate unmanageable debt can be the best thing for your financial situation. Below are three prime reasons why you should file for bankruptcy. 1. You Have Lost Your Job While the job market has continued to improve … [Read more...] about Reasons to File Bankruptcy