February 16, 2013 (Press-News.org) Oregon Chapter 13 bankruptcy and lien stripping
Article provided by Hackett & Harris LLC
Visit us at http://www.portlandlawyerbankruptcy.com
Oregon residents who are going through bankruptcy may be able to strip liens from second mortgages and car loans to make the payments more manageable. However, lien stripping is only available to individuals or families that are going through a Chapter 13 bankruptcy.
What is chapter 13 bankruptcy?
In a chapter 13 bankruptcy debts are repaid on a three to five year payment plan schedule. The payment plan amount is determined by the debtor's ability to pay. During the plan's term, the debtor pays debts to credit cards, medical bills and other unsecured creditors out of the payment plan amount. At the expiration of the payment plan the remaining unsecured debts are discharged.
What is lien stripping?
The debtor may also be able to pay home mortgages and car loans and other secured debts through the Chapter 13 payment plan. In some situations, the bankruptcy may also modify the terms of the secured loans, so that the amount owed equals the value of the property secured by the debt. This is known as lien stripping or a cram-down. To strip a lien, part or all of the secured debt is converted into unsecured debt. The remaining amount of the secured debt is modified, or crammed-down, to the actual value of the property being secured.
Lien stripping real property loans
Through the chapter 13 process, homeowners can strip their second-mortgage or home-equity debt. In order to qualify for lien stripping, the debtor's home must be underwater -- that is, the homeowner must owe more on their first mortgage then the house is worth. The homeowner must file a motion with the bankruptcy court to obtain a finding that their home is underwater. If the motion is successful, the second mortgage or the home equity line of credit is converted to unsecured debt, made part of the chapter 13 payment plan, and ultimately discharged at the end of the payment plan term.
Contact an experienced bankruptcy attorney
If you are considering bankruptcy, contact an experienced bankruptcy attorney to determine whether or not chapter 13 bankruptcy and lien stripping is available to you. Bankruptcy is a very complex process with many specific deadlines and requirements. Failing to follow the rules may prevent you from being allowed to file. Make sure you have someone skilled in bankruptcy law on your side to guide you through the process and give yourself the fresh start that you need.
Oregon Chapter 13 bankruptcy and lien stripping
Oregon residents who are going through bankruptcy may be able to strip liens from second mortgages and car loans to make the payments more manageable, but only in Chapter 13 bankruptcy.
2013-02-16
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[Press-News.org] Oregon Chapter 13 bankruptcy and lien strippingOregon residents who are going through bankruptcy may be able to strip liens from second mortgages and car loans to make the payments more manageable, but only in Chapter 13 bankruptcy.