Cook County Attorneys Removing Second Mortgages, Lines of Credit and Junior Liens in Chapter 13 Bankruptcy
If the value of your home has dropped to the point that the value is less than the balance of your first mortgage, Chapter 13 bankruptcy can eliminate your second mortgage lien entirely. The experienced attorneys at Ledford, Wu & Borges, LLC are here to answer any questions you may have about mortgage stripping or lien stripping and can help you achieve your debt relief goals by filing for bankruptcy.
Is filing bankruptcy right for you? Contact a Chicago bankruptcy lawyer by e-mail or call 312-853-0200 for a free consultation at any of our seven office locations. Our Chicago Chapter 13 bankruptcy attorneys are here to protect your rights.
Do You Owe More Than Your Property Is Worth?
The bankruptcy code acknowledges that a lien is only a secured claim to the extent that there is value in the property. Any amount owed above the actual value of the property is considered unsecured, and therefore can be discharged through bankruptcy.
Many of our clients have seen the value of their property decrease rapidly in recent years while maintaining their debt obligations. Filing for Chapter 13 bankruptcy has allowed them to completely eliminate second mortgages while paying down first mortgages and other secured debts in a manageable payment plan. In the same way, bankruptcy can strip junior liens and secondary lines of credit
If you are “upside-down” on your property (meaning you owe more than your property is worth), we can help you explore your debt relief options. Our lawyers have extensive experience removing second mortgages, lines of credit and junior liens through bankruptcy.