Lien stripping is the process through which junior liens, such as subsequent mortgages, are eliminated from property through a bankruptcy case. Depending on a person’s financial circumstances, lien stripping may be an option for homes or other property, and it may be a possibility in Chapter 7 or Chapter 13 bankruptcy cases.
If you are struggling with debt and have had liens placed on your property, you can turn to the experienced Denver metro area bankruptcy attorneys at Garcia & Gonzales, P.C. for help resolving these issues as favorably as possible. While our lawyers can help you figure out when lien stripping may be an option during bankruptcy cases, they can also help you obtain real relief from debt while helping you retain as much of your property as possible.
Lien stripping in bankruptcy may be applied to various types of liens, depending, of course, on the circumstances of a given bankruptcy petition. Most commonly, however, options for lien stripping in bankruptcy can include:
- Stripping consensual liens – Consensual liens, including liens against homes, are usually imposed by mortgage holding companies. While Chapter 13 bankruptcy is generally the only option for removing consensual liens, it’s important to note that the value of the home (or property against which the lien has been placed) will be critical to determining whether a Chapter 13 case will be able to strip consensual liens.
- Stripping judgment liens – Judgment liens are typically imposed on property by creditors. Generally, judgment liens can be eliminated through Chapter 7 bankruptcies, and they will not prevent people from using homestead and other bankruptcy exemptions.
- Stripping vehicle liens – Similar to how liens can be stripped from homes through bankruptcy, they may also be able to be removed from vehicles (in the event that the vehicle was bought at least 910 days prior to filing for bankruptcy and the lien exceeds the value of the vehicle).
The bottom line is that the details of your situation will be critical to determining when lien stripping in bankruptcy may be an option for you. So, don’t hesitate to contact the trusted Denver metro area bankruptcy attorneys at Garcia & Gonzales, P.C. to learn more about your best options for resolving your debt issues.
Are you looking for real relief from crushing debt? If so, you can count on the experienced Denver bankruptcy attorneys at Garcia & Gonzales, P.C. to provide you with experienced help and the highest quality legal services. With more than five decades of combined legal experience, our trusted lawyers have the legal knowledge, skills and insight you can rely on to help you successfully resolve your financial issues and obtain a financial fresh start.
Serving individuals, families and businesses throughout the Denver metro area and the state of Colorado since 1977, our attorneys can always be relied on to:
- Develop innovative solutions to unique financial issues
- Provide you with effective, affordable and family-friendly services
- Treat you with respect while maintaining an open line of honest communication with you
- Work diligently to help you obtain the best possible outcomes to your financial issues.
To learn more about how we can help you, contact us today by calling (303) 839-8888 or by emailing us using the drop-down contact form at the top of this page.
When you contact us, you will communicate directly with one of our attorneys, not a paralegal or legal assistant. We welcome Spanish-speaking individuals to contact us also – hablamos Español.