Lien Stripping in West Covina

What is Lien Stripping?

Lien stripping is the process of converting a secured debt, such as a second mortgage, into an unsecured debt so that it may be considered in the calculation of your monthly debt payment under Chapter 13 bankruptcy.  When you file bankruptcy under Chapter 13 your monthly debt payment is determined by calculating your surplus income.  Surplus income is the amount you can expect to retain after you've paid your anticipated monthly expenses.  Your monthly debt payments are then calculated based on your surplus income so that you are paying only a portion of the original debt.

Lien stripping may be highly advantageous to individuals filing Chapter 13 bankruptcy, but the process is not automatic and requires certain complex legal actions are taken.  Successfully converting secured debt to unsecured debt is an arduous legal process that is subject to a variety of state and federal laws.  An experienced West Covina bankruptcy attorney may be able to help you reduce your debts through lien stripping.

West Covina Bankruptcy Attorney

Filing bankruptcy is not a decision people make lightly.  If you are considering this action, it is critical you continue to protect your best interests and reduce your debt to the greatest extent possible.  Lien stripping may significantly reduce your debt and alter the calculation of your monthly debt payment.  If you are considering lien stripping in West Covina, a bankruptcy lawyer from Ray Bulaon Law Offices may be able to assist you.  Ray or another seasoned bankruptcy attorney from our office can provide you with advice and assistance in optimizing your bankruptcy settlement.  Our firm has successfully handled thousands of cases since 2001.  We care about our clients and will put our expertise to work for you.

Lien stripping may be the key to improved financial stability for you and your family.  An experienced bankruptcy lawyer from our firm will be able to assess your situation and advise if lien stripping is an option for you, and explain the process fully.  Contact our office today to find out if lien stripping can help you reduce your debt.  We can help clients in several languages, including English, Spanish, Tagalog and Armenian who need to discuss lien stripping or bankruptcy.

Contact a West Covina Bankruptcy Attorney from Ray Bulaon Law Offices for assistance with bankruptcy and lien stripping.