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Helping good people through bad times

Lien stripping can be the bankruptcy process that saves your home

For many Chattanooga residents, their home is one of the most important possessions in their life. It's a place where there family lives and it gives everyone in the family roots. Also, a home is a great asset to have, as property tends to appreciate as time goes on. These are just a few reasons why Chattanooga residents facing bankruptcy may be concerned about losing their home in the process.

The reality is that some financial situations require the foreclosure or asset repossession of a family's home. However, depending on a person's financial situation and method of debt relief, it is possible that those filing for personal bankruptcy may be able to keep their home. There are a few ways to approach this, one of which is to file for lien stripping through Chapter 13.

Chapter 13 bankruptcy is a great option for Chattanooga residents drowning under the weight of debt because it allows for manageable payments of one's debt. It could also allow for the lien stripping process to occur with a family home. Lien stripping would remove second and third mortgages taken out on a family home, once the process of Chapter 13 bankruptcy is successfully completed. This could allow the family to stay in the home during the bankruptcy process.

Because personal bankruptcy is based on a variety of factors specific to the person's financial situation, lien stripping may or may not be an available option. The bankruptcy specialists at Kenneth C. Rannick are here to help people understand their debt relief options, and how the bankruptcy laws can help them with a fresh financial start. If some cases, it is possible for the debtor to keep their home through the bankruptcy process. Our law firm's website has more information about Chapter 13 bankruptcy, as well as other debt relief plans.

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
Chattanooga Law Office Map