How does Lien stripping work? I took out a loan using my house as collateral (which has lost value and has very little equity).

Lien stripping basically allows you, in a Chapter 13 (or 11 or 12) to reduce the amount of a lien down to the value of the collateral. If there is...

I am in a forbearance with my 1st mortgage, can i still file chapter 13 and stop any foreclosure since i dont have the cure amt.

If you are $5K negative for both mortgages, you probably can't strip your second mortgage, but you can certainly file a Chapter 13 to enable you to...

Who pays the property taxes and condo fees following Chapter 7 bankruptcy?

You are liable for the condo fees from when you filed the bankruptcy until the property is foreclosed on. Technically, you are liable for the real...

Here's the problem with Avvo - you have 4 answers so far, all from lawyers not practicing in Md., who therefore have no idea about what you can and...

Bankruptcy Question - I have approximately $115k in credit card debt and most of the credit cards are in my name alone.

It is highly likely that both will be closed. It may be possible to preserve the line of credit in your wife's name if she does not file and if...

A Chapter 11 or 12 can modify the terms of a deed of trust, provided the treatment is consistent with the requirements for confirmation (fair and...

Does anyone know about lien avoidance in California chapter 7. Have been reading about it am confused as it relates to exemption

You need to claim at least a nominal exemption under either exemption scheme as long as it validly can be claimed on that sort of property. Then...

For VA chapter 7 exemptions, I know I can keep $5000 worth of furniture but I read I can choose to keep $5000 more of a category

In Virginia, you can exempt $5000 worth of household goods and $1000 of wearing apparel. In addition, there is a "homestead" exemption of $5000...

Will my life insurance account be liquidated or be considered an asset in Chapter 13 or 7 or will it be protected?

If you are subject to Virginia exemptions (i.e., if you have lived in Va. for at least 2 years), you will not be able to claim the full life...

Will my 2008 and 2009 taxes (filed in 2009 and 2010, respectively) be discharged in a Chapter 13 or Chapter 7?

The first requirement to discharge taxes is that the due date be at least 3 years before the bankruptcy filing. That is not met, so these taxes...