Tuesday, June 26, 2012

An Overview of Liens in Bankruptcy

Liens come in many different forms. Some common examples of liens include purchase money security interests, pledges, mortgages, deeds of trusts, and judicial liens - which is a type of non-consensual that arises when a creditor sues and gets a judgment.  An execution lien prevents one from passing clean title on the effected property without first satisfying the lien. It can also lead to a forced “sheriff’s sale” of your property, including one’s house in some circumstances.  It is important to identify such liens before filing a bankruptcy so that a property analysis can be completed.  For instance, Section 522(f) of the Bankruptcy Code allows you to eliminate a judicial lien if it impairs a valid bankruptcy exemption. The lien may also be eliminated in many instances by filing a Chapter 13 bankruptcy, even if the property has no equity.  It is important that you work with counsel who understands the complexities of lien avoidance. 

 At Speckman Law Firm, we have eliminated millions of dollars in unwanted liens. 
We can help you eliminate yours as well.

For More Information or to schedule a free consultation with David L. Speckman, visit our website below!




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