If I am on the verge of completing a Chapter 13 Bankruptcy and have a 2nd lien that is now an unsecured debt ,can it still be stripped?
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If I am on the verge of completing a Chapter 13 Bankruptcy and have a 2nd lien that is now an unsecured debt ,can it still be stripped?
Primary home has a value of $270,000 with a first mortgage balance of $270,000; the 2nd lien is $85,000.
Asked on May 4, 2012 under Bankruptcy Law, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
The second loan that is not secured by a mortgage or trust deed on your home possibly could be eliminate in your Chapter 13 reorganization plan depending upon numerous factors (age of the loan and by whom) and the amount of the loan ($85,000) in relation to the amount of other creditors that you have, secured and unsecured.
For a more clearer answer on your question you should consult with your bankruptcy attorney concerning this particular loan.
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