What Does It Mean to “Strip” a Lien in a Chapter 13 Case? Simply put, if you own a piece of real estate, and there’s more than one mortgage on that real estate, and the value of the property is … Continue reading
Category Archives: Bankruptcy basics
The bankruptcy means test is an aspect of U.S. consumer bankruptcy law that was introduced as part of the 2005 bankruptcy reform law. All people who file a Chapter 13 bankruptcy case or a Chapter 7 bankruptcy case (and who … Continue reading
The Automatic Stay is one of the basic concepts of bankruptcy law and is the fundamental protection that filing a case brings you. It is codified in Section 362 of the Bankruptcy Code. The moment you file your case, your … Continue reading
What is the difference between Chapter 7 and Chapter 13 Bankruptcy? I think of it this way: There are two main reasons why a person would file a case with the Bankruptcy Court. One, to get a discharge of debts. … Continue reading