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If you owe more than your house is worth or your car loan is greater than the depreciated value of the car, you may be able to reduce your debt through a process called lien stripping, or voiding. At Koehler Law Offices in New Albany, Indiana, we are one of the major filers of bankruptcy cases in the state. We are able to use the lien stripping technique to reduce the overall payment plan in Chapter 13 bankruptcies.
How Lien Stripping Works
If you have a second mortgage or home improvement loan and the house is worth less than the balance on the original mortgage, our law firm is able to strip off the second mortgage or home improvement loan, leaving you with the balance of the first mortgage that now matches the value of your property. In short, you owe only the value of the loan's security — the house.
Is your house underwater? Call us at 888-288-0888 toll free to schedule your hometown visit.
Lien stripping also works with cars and other vehicles that are worth less than the outstanding loan amount.
Reduce Your Payment Plan
Lien stripping is available only when you file Chapter 13 bankruptcy. Because many attorneys undertake only Chapter 7 filings, we have developed a focus on this technique that reduces a client's overall debt and thus the monthly payments he or she makes to the bankruptcy trustee.
Lowest filing fee in the area — $69.
If you have been wondering whether you can reduce your debt, our lawyer can help. Contact a New Albany mortgage debt attorney for sound advice about lien stripping. Call us at 888-288-0888 toll free. Bankruptcy is all we do.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
