Chapter 7-Judgements-Removing Liens
Date: Sat, 03/10/2012 - 16:03
Quote: How do I find out if there really is a lien against the p
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How do I find out if there really is a lien against the property? |
Go to the County Recorder???s office and the Secretary of State???s office. Search the records to see if a lien was filed. If so, get a copy.
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If thats the case why would I pay 350$ to have the lien removed?? We dont plan on selling and if we had to move then we could just walk away. |
That is a very good question. One would remove the judgment lien under 11 USC 522(f) if the lien impaired an exemption. If you have no plans on capitalizing on the equity in your property (if there is any), then I suppose, having the lien on it does not matter. Just understand, if you ever do try to sell, you will have to deal with the lien if you choose not to utilize the benefits of 522(f).
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I have read on several forums that in the event of a BK any liens are removed anyway. Is this true?? |
Would love to get a link to such info. No, that is not true. In a Chapter 7 the debt is discharged. The lien, if valid under state law, passes through the bk unaffected unless you file the 522(f) motion (applies to judgment liens that impair the homestead exemption) or take some other step to have it released.
Des.
This was an extremely informative post mentioning all the approp
This was an extremely informative post mentioning all the appropriate sections of the code. It helped me clarify a few of my own doubts. Thanks Des :)