Stripping Without A Discharge: As Sexy As Bankruptcy Gets
By: John Gustafson, Standing Chapter 13 Trustee
Northern District of Ohio, Western Division
I. THE BASICS OF LIEN STRIPPING IN BANKRUPTCY.
There are four basic types of lien strips in bankruptcy: 1) Wholly unsecured mortgages secured only by residential real estate; 2) judgment liens; 3) non-purchase money, non-possessory liens on consumer goods; and 4) other consensual and statutory liens, such as mortgages on non-residential real estate, federal tax liens, etc. Judgment liens and “household goods” liens are . . .
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