Why don't they allow for a lien strip in a chapter 7? I still don't understand that one.
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08-2009:Quit Paying Credit Cards
04-2010:Hired 2nd Attorney;05-2010:Filed 7
06-2010:341 Meeting (went very well)
08-24-2010: Discharged; 09-02-2010 Closed!! -
Because the BK code doesn't allow it.
Technically, what allows a Chapter 13 case to strip the lien, actually lies within 11 USC 1322 (which is specific to Chapter 13s). That paragraph reads that a Plan can... "modify the rights of holders of secured claims, other than a claim secured only by a security interest in real property that is the debtor's principal residence". The argument has been on that word "secured". Since Chapter 7s don't have that 1322 clause, they don't get the lien strip.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
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