Lien Stripping Chapter 7
Chapter 7 and Chapter 13 bankruptcies are both clear ways to get the law on your side when you’re financial situation has hit rock bottom. But Chapter 13 bankruptcies offer you something that Chapter 7 do not Chapter 13 bankruptcies allow you to potentially strip the lien from your 2nd mortgage.
When you open up a 2nd mortgage on your home, or home equity line of credit, you agree to pay the owed amount (a note), and a deed of trust (or lien) is on the home. During a Chapter 7 bankruptcy, the note is forgiven, but the lien remains.
This is why so many people are considering the file for Chapter 13 bankruptcy rather than Chapter 7. If this option sounds more viable and appealing to you, you should learn as much as possible about it first.
The first step is to contact an experienced bankruptcy legal representative in the state of California. The Law Offices of Omar Zambrano are experienced in handling both Chapter 7 and Chapter 13 bankruptcy cases, as well as any other bankruptcy case. We can help you to stop creditor harassment, save your home, and get your financial situation back in order as soon as possible.
Call the Law Offices of Omar Zambrano today to discuss your situation and to schedule a free consultation.
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