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
ELSE PRESS RELEASES FROM THIS DATE:
Minneapolis study sheds light on causes of bike-car accidents
2013-02-16
Minneapolis study sheds light on causes of bike-car accidents
Article provided by Walsh & Gaertner, P.A.
Visit us at http://www.walsh-gaertner.com
The Twin Cities area is well-known throughout the country for its pro-bike culture. Metro-area Minnesotans love to ride, and local governments in St. Paul, Minneapolis and many suburban communities have been working hard over the last several years to increase options for cyclists and make Twin Cities streets safer for bicycle commuters.
Despite these improvements, car-bike accidents are still a pressing concern ...
How does an immigrant qualify for asylum?
2013-02-16
How does an immigrant qualify for asylum?
Article provided by Mark E. Jacobs, P.C.
Visit us at http://www.markejacobslaw.com/
As the political debate regarding immigration heats up in the United States Congress, there is bi-partisan agreement that immigrants here both legally and illegally are seeking better lives for themselves and their families. However, if someone entered the U.S. illegally or overstayed their visa, their status puts them in constant danger of deportation. One way someone in the U.S. illegally might be able regain legal status is to apply for ...
Pennsylvania police crack down on underage drinking
2013-02-16
Pennsylvania police crack down on underage drinking
Article provided by Blanarik Law Offices
Visit us at http://www.blanariklawoffices.com
Though the legal drinking age is 21, many teens in Pennsylvania choose to consume alcohol anyway. Underage drinking is particularly prevalent on Pennsylvania's many college campuses. However, young people would be mistaken to think that mere fact that underage drinking is not uncommon means that it is tolerated by law enforcement.
This fall, Pennsylvania State Police launched a crackdown on underage drinking, focusing on college ...
Teens more likely to be distracted while behind the wheel
2013-02-16
Teens more likely to be distracted while behind the wheel
Article provided by Donohue, Sabo, Varley & Huttner, L.L.P.
Visit us at http://www.dsvalaw.com
The hazards that distracted drivers pose to those sharing the nation's roadways have been made painfully clear in media recently. According to the Department of Transportation, distracted drivers caused more than 416,000 injures and 3,000 deaths in 2010 alone. Although distracted driving is a problem for all age groups, experts say that teens are at a higher risk.
Teens and texting
The first reason that ...
Recognizing traumatic brain injury in Florida
2013-02-16
Recognizing traumatic brain injury in Florida
Article provided by The Burns Law Firm
Visit us at http://www.pensacoladefenselawyer.com
Recently, a Florida Senator's 12-year-old daughter suffered from a concussion after being involved in a golf-cart accident. According to The Miami Herald, she received treatment at Miami Children's Hospital and is now recovering at home. She is in fair condition but is undergoing neurological testing. The continued neurological testing is necessary since the symptoms of a more serious condition may not show up right away. She is ...
Michigan's No-Fault Medical Coverage May Come to an End
2013-02-16
Michigan's No-Fault Medical Coverage May Come to an End
Article provided by Joseph T. Barberi, P.C.
Visit us at http://www.josephbarberi.com/
Citing unacceptably high costs, advocates support a proposal in the Michigan legislature that would eliminate Michigan's mandatory no-fault car insurance system. As it now stands, no-fault coverage for injuries sustained by a driver or passenger in a motor vehicle accident provides up to $500,000 for medical expenses. Once the $500,000 limit is reached, medical costs are paid from the catastrophic claims fund, with essentially ...
Protecting a small business during divorce in California
2013-02-16
Protecting a small business during divorce in California
Article provided by Law Offices of Evan Samuelson
Visit us at http://www.samfamlaw.com/
When it comes to divorce and the division of property between ex-spouses, each state has a slightly different set of rules. In California and a handful of other states, the courts follow a system known as community property law. When a couple files for divorce in California, their assets are categorized as either community property or separate property, and each type of property is divided differently.
Community property ...
Navigating through marriage-based immigration
2013-02-16
Navigating through marriage-based immigration
Article provided by Kim H. Buhler, Attorney at Law, P.C.
Visit us at http://www.buhlerlawoffice.com
As many people know, love can transcend boundaries, including international ones. American citizens who marry non-citizens are permitted under United States immigration law to bring their spouses to live in Utah or any other state, provided the conditions of the law are met.
International engagements
A foreign national who is engaged to an American citizen can obtain a fiance (or fiancee) visa to enter the United ...
Teens at greater risk for distracted driving
2013-02-16
Teens at greater risk for distracted driving
Article provided by Ellis Law Offices LLP
Visit us at http://www.ellislawoffices.com
In Massachusetts and across the nation, distracted driving has received increasing attention as the general population becomes more aware of its dangers. This is a good thing, as according to the Department of Transportation, distracted driving killed over 3,000 people in car accidents nationwide during 2010 alone. In addition, the department also reported that distracted drivers injured 416,000 people during the same time period.
Although ...
The Open Lane acquisition structure: Shareholders' window for best value
2013-02-16
The Open Lane acquisition structure: Shareholders' window for best value
Article provided by Klein & Wilson
Visit us at http://www.kleinandwilson.com
The rights of shareholders are defined by state law, incorporating documents--and sometimes the rules of securities exchanges. Therefore, the rights of shareholders of businesses incorporated in California may have different rights than shareholders of businesses incorporated in other states.
Many public companies are incorporated in Delaware and as a result the rights of these shareholders are defined by Delaware ...
LAST 30 PRESS RELEASES:
New microfluidic device reveals how the shape of a tumour can predict a cancer’s aggressiveness
Speech Accessibility Project partners with The Matthew Foundation, Massachusetts Down Syndrome Congress
Mass General Brigham researchers find too much sitting hurts the heart
New study shows how salmonella tricks gut defenses to cause infection
Study challenges assumptions about how tuberculosis bacteria grow
NASA Goddard Lidar team receives Center Innovation Award for Advancements
Can AI improve plant-based meats?
How microbes create the most toxic form of mercury
‘Walk this Way’: FSU researchers’ model explains how ants create trails to multiple food sources
A new CNIC study describes a mechanism whereby cells respond to mechanical signals from their surroundings
Study uncovers earliest evidence of humans using fire to shape the landscape of Tasmania
Researchers uncover Achilles heel of antibiotic-resistant bacteria
Scientists uncover earliest evidence of fire use to manage Tasmanian landscape
Interpreting population mean treatment effects in the Kansas City Cardiomyopathy Questionnaire
Targeting carbohydrate metabolism in colorectal cancer: Synergy of therapies
Stress makes mice’s memories less specific
Research finds no significant negative impact of repealing a Depression-era law allowing companies to pay workers with disabilities below minimum wage
Resilience index needed to keep us within planet’s ‘safe operating space’
How stress is fundamentally changing our memories
Time in nature benefits children with mental health difficulties: study
In vitro model enables study of age-specific responses to COVID mRNA vaccines
Sitting too long can harm heart health, even for active people
International cancer organizations present collaborative work during oncology event in China
One or many? Exploring the population groups of the largest animal on Earth
ETRI-F&U Credit Information Co., Ltd., opens a new path for AI-based professional consultation
New evidence links gut microbiome to chronic disease outcomes
Family Heart Foundation appoints Dr. Seth Baum as Chairman of the Board of Directors
New route to ‘quantum spin liquid’ materials discovered for first time
Chang’e-6 basalts offer insights on lunar farside volcanism
Chang’e-6 lunar samples reveal 2.83-billion-year-old basalt with depleted mantle source
[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.