QUESTION

After filing bankruptcy we still had 3 liens on the property. We need to reopen to have them removed. HOW? Misled by our atty

Asked on Apr 26th, 2012 on Bankruptcy - Connecticut
More details to this question:
We are trying to do a "deed in lieu of forclosure" but the creditors will not remove their liens even though the debt has been dischearged.
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1 ANSWER

Bankruptcy Attorney serving Burbank, CA
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It depends on what type of liens you are trying to remove.  Are these judicial liens, voluntary liens, statutory liens?  It's all different.   Judicial liens can be removed if certain mathematical calculations are satisfied--essentially if the liens impair an exemption to which you are entitled on the property.  The value of the property must be taken into account as well as the amount owed to all senior liens.  If you're talking about voluntary mortgage liens, then it depends on whether this is your principal residence, and what the value of the property is, how much is owed, etc.  You can sometimes remove junior mortgage liens on principal residences if the value of the property is worth less than the amount owed to the first mortgage, but this can only be done in Chapter 13 or Chapter 11. Hope this helps. Mark J. Markus, Attorney at Law Handling exclusively bankruptcy law cases in California since 1991. http://www.bklaw.com/ bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/ Follow Me on Twitter:  @bklawr
Answered on Apr 26th, 2012 at 9:16 PM

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