A lien is placed on a property when a person owes a debt. A lien means a creditor has the legal right to hold possession on a property until the debt is paid. Liens are typically a sign a creditor means business in pursuing the debt they are owed. Though it can be overwhelming having a lien placed on a property, there is a way to Eliminate Liens. To find out how, it is a good idea to seek a consultation with a lawyer.
A lawyer can work to remove liens on properties his client owns. This can be done through filing for bankruptcy. When bankruptcy is filed by an individual, all forms of collection activity must be immediately stopped. While bankruptcy alone cannot remove a lien, it can prevent the lien holder from taking possession of the property during the bankruptcy period.
To find out if a person is a good candidate for bankruptcy, they will need to meet with a lawyer. Many lawyers offer free consultation appointments. This is a good way to find out which type of bankruptcy would be beneficial.
People who have secured debts can benefit from filing chapter 13 bankruptcy. In this type, all debts are listed in the bankruptcy paperwork. Once bankruptcy has been approved, no more collection activity is allowed. No creditors may contact the applicant and must contact their lawyer instead.
Bankruptcies are scheduled for different periods of time. Most people are given two to five years to pay off their debts. The amount of time ordered will depend on the debt amount owed and the income of the applicant. Income is considered since the applicant is required to pay a monthly payment to the court each month. This amount goes towards paying off their debts.
Though bankruptcy is not an option for everyone, it can be a way to help Eliminate Liens. To learn if bankruptcy will benefit you, contact a lawyer who works with those trying to file bankruptcy. The lawyer can go over your financial records and assist you in deciding whether or not filing will be beneficial for stopping collection activity.