Qualifying for Chapter 7???

[BKINAZ]

Oops...I knew that, but forgot to say that...thanks for writing it...it will benefit others.

[housepoor]

What does it mean to lien strip the second mortgage? My sister had a second mort on her home and just recently filed chapter 13. She owed more than it's value on just her first mortgage. She said they were able to wipe out the second mortgage because they had overappraised her home. Is this possible? Is that what lien stripping is? My sister lies about everything so I don't know when to believe her or not.

[wildwest]

We are in North Fl. and our first lawyer we retained was a real bonehead, only used him because he was in our area. This guy had no people skills at all and charged 250 to do the means test on our "free" consultation. Our second consult we met with a lawyer that just does BK's, went real well, this one is a keeper. He took the time to go over our paperwork, answered all our questions and did not charge us for the means test. As for our means test, we are over by 6K annual but lawyer said we will be O.K. for BK7 as we only have $76.00 DI at end of test. Your lawyer will know what will not be challenged in your area.

[BKINAZ]

What does it mean to lien strip the second mortgage? My sister had a second mort on her home and just recently filed chapter 13. She owed more than it's value on just her first mortgage. She said they were able to wipe out the second mortgage because they had overappraised her home. Is this possible? Is that what lien stripping is? My sister lies about everything so I don't know when to believe her or not.

You can get rid of your second (lien strip) if you owe more than your house is worth in BK 13. In BK 7 you have to pay it. Even then...you might be able negotiate it down (BK 7) if you owe more than the value of your house.

Others can correct me...and you will find a few threads on lien stripping in the Chapter 13 area.

[BKINAZ]

That's good news Wildwest...gives me some hope...