Question about Liens

[Needing Help]

Let's say I wait for a year to file a chapter 7. In that time, judgements get brought against me, consequently putting liens on the available equity left in the home (below state exemption). Once I file, what happens to those liens/exempt equity in the home?

Are the liens erased? Do I lose the exemption value?

[HHM]

Nothing happens to the liens. If the creditors get liens on your property, they survive the BK.

There is a provision for stripping judicial liens that impair your exemptions, but that depends on how much equity you have. But the general rule is, liens survive the BK (even if the underlying debt would have been discharged).

[Needing Help]

How long until credit companies sue?

Generally speaking, how long is it (generally) before they go after a judgment? 60 days late? 120? Years?

Total CC debt = $30,000 card 1, $23,000 card 2

[ssdsco]

Nothing happens to the liens. If the creditors get liens on your property, they survive the BK.

There is a provision for stripping judicial liens that impair your exemptions, but that depends on how much equity you have. But the general rule is, liens survive the BK (even if the underlying debt would have been discharged).

I'll have little or no equity in my home when I file and I plan to use a wildcard exemption in lieu of the homestead exemption.

Will I be able to strip any liens due to unsecured debt judgments ?

Thanks

[keepmine]

522{f} provides for leinstripping. Not sure of the procedure but according to my lawyer it is doable.
I didn't have a judical lein but in the intake interview that was one of the questions asked and he just said if that was the case it could be stripped if it impaired an exemption I was entitled to but, their would be extra legal fees involved.

[laurannm]

I think how long it takes before a CC sues varies from creditor to creditor, but it usually takes several months before they bring a suit. Some members on here have gone years before a lawsuit was brought forth

[ssdsco]

522{f} provides for leinstripping. Not sure of the procedure but according to my lawyer it is doable.
I didn't have a judical lein but in the intake interview that was one of the questions asked and he just said if that was the case it could be stripped if it impaired an exemption I was entitled to but, their would be extra legal fees involved.

So it sounds like if I don't have any equity in my home to exempt then any liens could not be stripped as part of BK. Time to rethink things. I'd like to keep but not reaffirm this home.