Kevin C. Johnson's Answers

CA CHAPTER 13 & "LIEN STRIPPING"

Lien stripping in bankruptcy involves taking a lien off a piece of real property that is no longer able to be secured. Usually this is done with second mortgages, whereby the first mortgage holds 100% of the appraised value of the home, so that if the house is sold there will be zero dollars for the second mortgage. If the value covers the first mortgage and even the a percentage of the second mortgage cannot be stripped., then the lien

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Chapter 13 & Credit report

I assume that you are making your mortgage payments and car loan payments outside your chapter 13 plan. If that is the case, the trustee does not make those payments, but you do directly. that is why they are being reported on your credit report. On your unsecured debt, you may be making payments based on a percentage of what you owe to the trustee. The trustee then sends the payments to your creditors. The creditors are under no obligation to report these payments, sometims your payments to...