The Adversary Proceeding: Litigation in Bankruptcy Court
An adversary proceeding is a lawsuit filed within a bankruptcy case. Creditors, bankruptcy trustees, and other interested parties can file adversary proceedings in a bankruptcy, as can the bankruptcy filer. Bankruptcy offers both debtors and creditors finality in the adjudication of debts. An adversary proceeding is litigation in bankruptcy court to resolve the obligations of […]
Get a Mortgage Modification with Chapter 13
When you cannot afford to pay your mortgage, there are a few possible outcomes, including a short sale or foreclosure. If you want to keep your home, however, the best solution is usually mortgage modification. Mortgage modification involves changing the terms of your mortgage loan so that it becomes more affordable to you. Mortgage modification […]
Lien Strip in Chapter 13 Bankruptcy
The lien strip in Chapter 13 bankruptcy can remove a lien guaranteeing a loan against your real property. The lien strip reclassifies the second mortgage or home equity line of credit (“HELOC”) from secured debt to unsecured debt. Lien stripping sometimes allows bankruptcy debtors to keep their homes. Most Chapter 13 lien strips also allow […]