You are struggling with debt and have had liens placed against your property, you have legal options at your disposal. Depending on the circumstances, you may be able to have those liens removed or “stripped” by filing for Chapter 7 or Chapter 13 bankruptcy.
At Harold Faletti Law Office, P.C., we have extensive experience handling bankruptcy cases for clients from Broomfield, north Denver and throughout the surrounding areas. We are committed to helping you put your debt problems behind you while helping you keep your property.
Contact us today online or by telephone at 303-438-8477 to speak with an experienced lien stripping attorney.
Bankruptcy and Lien Stripping
Bankruptcy offers many options for lien stripping. Some of the most common circumstances include stripping:
- Judgment liens: A judgment lien is a lien placed on your property or real estate by a creditor. In most cases, Chapter 7 bankruptcy can remove a judgment lien. Judgment liens cannot impair homestead exemptions.
- Consensual liens: Consensual liens such as a home mortgage can only be removed in a Chapter 13 bankruptcy and certain circumstances must apply. If the value of the senior lien exceeds the current value of the property, subsequent liens can be stripped in a Chapter 13 bankruptcy.
- Vehicle liens: In the same way, a lien that exceeds the value of a car can be stripped. For instance, if there is a $15,000 lien on a car and the current value of the car is $10,000, $5000 can be stripped in what is commonly known as an auto “cram down.” Note that in order for this to apply, you must have purchased the vehicle more than 910 days of filing bankruptcy.
Bankruptcy may allow you to strip tax liens as well under certain circumstances. Every case is different and an experienced Colorado bankruptcy lawyer can help you understand how the law will apply in your situation.
Contact Us · Thornton Debt Relief Attorney
Do you have questions about lien stripping and bankruptcy in Colorado? We can help. Contact us today online or by telephone at 303-438-8477 to speak with an experienced Broomfield lien stripping attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.