QUESTION
Is bankruptcy only law to remove a home lien?
Asked on Mar 03rd, 2017 on Bankruptcy - Wisconsin
More details to this question:
It took 26 months for SSD to start and used credit cards; all settled but 1 and put interest occurring lien against home. I can't afford to pay it off and need to move due to physical disability from 2 story to 1 story home.
6 ANSWERS
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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If the lien impairs your homestead exemption, you could remove it in a Chapter 7 case and probably discharge all your credit card debt.
Answered on May 28th, 2017 at 8:13 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, bankruptcy is the only way to strip a judgment lien from a home.
Answered on May 24th, 2017 at 5:35 AM
Darling, there are many kinds of liens. There is the home mortgage lien, the real property tax lien, the lien from the man that worked on the roof or fixed the plumbing, and the lien from the court judgment. Everyone different kind of lien has a different kind of solution.
Answered on May 20th, 2017 at 7:45 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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A lien that arises from a judgment has a low priority-meaning that it comes after your homestead exemption. So even they got a judgment and thereby put a lien on your house, you should be able to get rid of the lien either by filing a bankruptcy (which is a bit of a last resort, and should be used only if nothing else is likely to work) and after your discharge (about 3 months after filing) submitting certain papers set forth in the statute (sec. 806.19, Wis. Stats) or seeking a declaratory judgment in state court which would say the judgment lien has no value. Or you could try to settle with the creditor.
Answered on May 19th, 2017 at 10:35 AM
You may be able to remove the lien, depending on a number of circumstances. Meet with a lawyer to explore your options.
Answered on May 19th, 2017 at 10:35 AM
1 Award
If the equity in your home is within the homestead exemption ($40,000), then yes, you can file a motion in state court to remove the lien. This does not eliminate the debt, you will still owe the debt, but ti will remove the lien from your home so you can sell the home.
Answered on May 19th, 2017 at 10:35 AM