Removing Second Mortgages, Lines of Credit and Junior Liens in Chapter 13

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.

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In certain cases, we are even able to offer a same-day bankruptcy filing with no money down – saving you time and money. Need help filing bankruptcy we can help you start.

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Located in Chicago, the law firm of Billbusters, Borges and Wu LLC. represents clients throughout Illinois, including, but not limited to the cities of :Alsip, Arlington, Heights, Bellwood, Berkeley, Berwyn, Blue Island, Bridgeview, Broadview, Brookfield, Burbank, Calumet City, Chicago, Chicago Heights,  Chicago Ridge, Cicero, Country Club Hills, Des Plaines, Dolton, Elk Grove Village, Elmwood Park, Evanston, Evergreen Park, Flossmoor, Forest Park, Franklin Park,  Glencoe,  Glenview, Glenwood, Golf, Hanover Park, Harvey, Harwood Heights, Hazel Crest, Hickory Hills, Hillside, Hines, Hoffman Estates, Hometown, Homewood, Justice, Kenilworth, La Grange, La Grange Park, Lansing, Lemont, Lincolnwood, Lyons, Markham, Matteson, Maywood, Melrose  Park, Midlothian, Morton Grove, Mount Prospect, Niles, Northbrook, Oak Forest, Oak  Lawn, Oak Park, Olympia Fields, Orland Park, Palatine, Palos Heights, Palos Hills, Palos  Park, Park Forest, Park Ridge,  Posen, Prospect Heights, Richton Park, River Forest, River Grove, Riverdale, Riverside, Robbins, Rolling Meadows, Schaumburg, Schiller Park, Skokie, South Holland, Steger, Stone Park, Streamwood, Summit Argo, Techny, Thornton, Tinley Park, Westchester, Western Springs, Wheeling, Willow  Springs, Wilmette, Winnetka, Worth and All of Cook County IL.

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