posted by admin on May 25
An attorney file a judgement lien on my home from a credit card debt. When I file bankruptcy, will that go away? There is no equity in the home to speak of. We are planning on keeping the home and I am in Michigan.
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May 25th, 2009 at 12:02 am
Judgment liens and tax liens are considered involuntary liens
It is hard to answer this question because you do not mention which type of bankruptcy you are filing. Each chapter (7, 11, 13) are different in what can be discharged.
Because this lien involves unsecured debt the scope of the discharge is different in each chapter. The Bankruptcy Code after October, 2005 makes the Chapter 13 discharge only slightly more encompassing.
Put most simply, most unsecured debt is dischargeable. Most secured debt survives bankruptcy as a charge on the property to which it attaches unless a court order modifies the lien or the lien is paid in Chapter 13.
Remember states vary in what they may consider a dischargable debt. Consult a qualified attorney in your area to check local laws.
Here is a link to understand bankruptcy laws and the various types. It is free info: http://www.moranlaw.net/consider.htm
And also, a lien does NOT prevent one from selling their home, all it means is that if there is any profit from the sale, any secured liens are satisfied first, then if there is any $$ left, unsecured liens are paid.
Hope this answers your question:
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.
May 25th, 2009 at 12:02 am
You need to learn what a lein is . It forbids you from selling the house, untill you pay off the debt.
If you declare bankruptcy, the lein holder is a “secured creditor ” and any assets that you have, such as the house, furniture, cars or money in the bank, will be seized and sold to pay the debts that you have created.
You cannot simply walk away from your debts, and bankruptcy is no shelter from secured creditors. What ever you have that is worth money, will be sold to satify the creditors.
You need a lawyer, now . Be informed.
Jim B. Toronto.
May 25th, 2009 at 12:02 am
Hi,
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May 25th, 2009 at 12:02 am
You’ll probably lose your house if there is a lien on it. You’ll have to ask questions of the bankruptsy people in your area.