Has Bankruptcy Law Pros helped clients eliminate a lien or a Home Equity Line of Credit or HELOC on a home? The answer is YES! We have helped several clients eliminate Liens and Home Equity Line of Credits. Liens, 2nd home loans, or HELOCs can be removed from your home in a Chapter 7 or Chapter 13 bankruptcy. It is dependent on the specific situation like the current value of the home, whether your home has equity, and if you are still living in the home. The process is called “lien stripping” which is what is used to detach the loan from the home and re-categorize the debt as unsecured debt. If a lien strip is accomplished, the loan can be removed from your home in the bankruptcy.
Taking care of a HELOC or 2nd home loan in a bankruptcy is a complicated subject and should be guided by a licensed attorney. If you are dealing with this situation, make sure to use an attorney that has proven experience dealing with a lein strip for a HELOC or 2nd home loan.
If you feel that you are in need of a similar situation as described in above, contact Bankruptcy Law Pros to see what we can do for you. The attorneys at Bankruptcy Law Professionals are available for in-person appointments today.
