[quote=Jacarandoso]Now,BG, I hope this guy didn’t get his hopes up for nothing! He was on fire about how BK was going to cramdown his debt on his house via “lien stripping”. I googled it, there are lawyers advertising that they can do it.[/quote]
Is the “law” sufficiently evolved such that this is possible now?? Lol, I must be asleep at the switch!!!!
I CAN tell you that persons who borrow on cc’s (unsecured) CANNOT discharge their cc debts in Chapter 7 unless it has been a full year since they used the card(s) in question!
Assuming arguendo that jr lienholders on real property can now be rendered “unsecured” (how can they do that??), the above (pesky) provision in the BK code kind of negates a debtor’s plan to take out a 2nd TD and not make payments (with the intent of future “cramdown” in a BK filing).
As we all know, it only takes 110-120 days to timely foreclose a TD in CA.
The “enterprising” debtor is going to run out of time if his lender is on the ball, dontcha think? Many of these “private” 2nd TD holders wouldn’t waste time in foreclosing (if there was any money in there at all for them)…
Wonder how much “up front” money these shysters want to begin a BK filing for their (douchebag) ad-answerers?
Is “debt-planning” a new “legal specialty” now (similar to “estate planning”)?
Am I missing something here?? SK, pablo, fat erik please chime in. Lolol….
