Is your home worth less than the mortgages or loans against it? If you have a second mortgage or a home equity line of credit with the house securing the loan, filing for Chapter 13 may allow you to strip the unsecured loan.
Chapter 13 Second Mortgage and Equity Stripping
At our law firm, we have the legal experience required to help clients through the bankruptcy process. We know that your debt weighs heavily on your shoulders. We act quickly and efficiently to assist you with all of your bankruptcy issues, including stripping second mortgages.
Unsecured Liens May Be Stripped From Your Debt
Unsecured mortgages, or mortgages that are not secured because your house is worth less than you owe, can be stripped. We handle these through Chapter 13 bankruptcy. We will inform you of the benefits of filing for Chapter 13, including stripping second mortgages. Our skilled bankruptcy lawyer will help you get an appraisal on your home or challenge the appraisal by your lender.
Stripping a second mortgage of a home equity line of credit is a huge benefit to you. You will have less debt because the debt will be eliminated. Loans that are wholly unsecured, meaning not backed by the value of the home, can be stripped as part of the benefits of the Chapter 13 bankruptcy.
The realized benefits of stripping a second mortgage are dependent upon your individual situation. At Law Office of Ross, Quinn & Ploppert, we provide personalized attention to you as you consider bankruptcy. We will help you secure a financial fresh start by resolving your debt if you decide to move forward with a Chapter 13 bankruptcy.
Contact Our Pennsylvania Lawyers Today
Our attorneys are ready to discuss your concerns and provide answers. Our attorneys represent clients in Pottstown, Norristown, West Chester, Lancaster, Reading, and the surrounding areas. Contact our Pennsylvania debt relief Contact our Pennsylvania debt relief law firm today to learn more about what we can do to help you overcome your legal troubles.