15 ANSWERS
Daniel James Wilson
You're asking the wrong question. Why would you want to keep a house that is $75k upside down?
Answered on Jul 09th, 2013 at 12:51 AM
The lien will survive bankruptcy unless it is a second mortgage on your primary residence that has no claim to equity. In which case you should file a chapter 13 to wipe out the second mortgage. If this is not your residence, then you can agree to pay what the property is worth, but have to do so within 5 years.
Answered on Sep 28th, 2011 at 9:53 AM
Trusts and Estates Attorney serving Jacksonville, FL
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Law Office of David M. Goldman PLLC
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I am not sure what you mean. A bankruptcy can stop or delay a foreclosure on a home. We would be happy to discuss this situation with you if you want.
Answered on Sep 16th, 2011 at 1:01 PM
You cannot keep a house and bankruptcy and remove a lien that has equity. If it is a second mortgage or any type of junior lien, you can "strip" it in Chapter 13 bankruptcy.
Answered on Sep 16th, 2011 at 7:53 AM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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Banruptcy will stop a judgment lien from being placed on a house. Consensual liens, like a mortgage, remain on the house.
Answered on Sep 16th, 2011 at 7:35 AM
judith runyon
You question is not clear. Please clarify what you mean.
Answered on Sep 16th, 2011 at 6:19 AM
Samuel Lee Tucker
Filing a bankruptcy petition will stop any new liens from attaching, and judgment liens may be voided. The mortgage liens will remain.
Answered on Sep 15th, 2011 at 11:03 PM
Bankruptcy & Debt Attorney serving Longmont, CO
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William Edward Zurinskas
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Chapter 13 Bankruptcy law in Colorado allows for the stripping of a wholly unsecured junior mortgage.
Answered on Sep 15th, 2011 at 10:46 PM
Chapter 7 Bankruptcy Attorney serving Appleton, WI
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Sisson & Kachinsky Law Offices
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Your house is a secured asset. You have to decide in bankruptcy if your going to keep it or give it back to the lending institute. Since it is upside down, considering giving it back as it might be a wise option. Then the deficiency can be discharged in your bankruptcy.
Answered on Sep 15th, 2011 at 9:08 PM
Bankruptcy Attorney serving Hayward, CA
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Carballo Law Offices
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If the lien is not the first mortgage, then in some cases the lien may be removed from the property's title and the debt discharged. It depends on the type of lien, the value of the property, the type of bankruptcy you filed, whether it is a primary residence, etc. You need to discuss with your attorney.
Answered on Sep 15th, 2011 at 8:04 PM
Consumer Bankruptcy Attorney serving Worcester, MA
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Law Offices of James Wingfield
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If you are asking about a judicial lien (such as an attachment or an execution) that has not yet been recorded or obtained from the Court, then the answer is yes! If you are talking about a judicial lien that has already been recorded, then the answer is yes, in most circumstances. The bankruptcy code allows judicially imposed liens to be removed to the extent they impair your homestead (or other) exemptions.
Answered on Sep 15th, 2011 at 1:55 PM
Glen Edward Ashman
There is no such thing as stopping a lien. A bankruptcy attorney, in a 13, MAY be able to strip a 2nd mortgage depending on the numbers. He may also find ways to walk away with no liability.
Answered on Sep 15th, 2011 at 12:48 PM
Spencer Hale
It depends. What type of lien are you trying to get rid of? What is the value of the house? Is the house your primary residence? Is there other liens that have a higher priority on the home? All these questions are necessary to know whether the lien is avoidable.
Answered on Sep 15th, 2011 at 9:38 AM
This is a very broad question. The general rule is that liens ride through bankruptcy unaffected. Thus, in order to remove a lien, if in fact the lien is one that can be removed, you must act affirmatively to do so. The answer to your question depends on many factors including the type of lien at issue, and the type of case you are filing. Speak to an attorney about your situation before filing bankruptcy.
Answered on Sep 15th, 2011 at 9:08 AM
Bankruptcy Decision Attorney serving San Diego, CA
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Law Office of Daniel G. Shay
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A chapter 7 will not remove a voluntary lien on a house. A chapter 13 lien strip can remove a 2nd mortgage lien though.
Answered on Sep 15th, 2011 at 9:07 AM