{"id":152,"date":"2012-01-15T18:19:00","date_gmt":"2012-01-15T18:19:00","guid":{"rendered":"https:\/\/mn-bankruptcy.com\/blog\/?p=152"},"modified":"2012-07-24T17:20:52","modified_gmt":"2012-07-24T17:20:52","slug":"lien-stripping-update-in-minnesota-lawyer","status":"publish","type":"post","link":"https:\/\/mn-bankruptcy.com\/blog\/lien-stripping-update-in-minnesota-lawyer\/","title":{"rendered":"Lien Stripping Update in &quot;Minnesota Lawyer&quot;"},"content":{"rendered":"<p>Just noticed that Minnesota Lawyer has a good <a href=\"http:\/\/minnlawyer.com\/2011\/12\/30\/lien-stripping-could-be-in-state%E2%80%99s-future\/\">recent article<\/a><a href=\"http:\/\/minnlawyer.com\/2011\/12\/30\/lien-stripping-could-be-in-state%E2%80%99s-future\/\"><\/a><a href=\"http:\/\/minnlawyer.com\/2011\/12\/30\/lien-stripping-could-be-in-state%E2%80%99s-future\/\"> on the subject of lien stripping<\/a> and the status of the availability of this process for Minnesota residents.  This is a process in Chapter 13 bankruptcies involving people who have second mortgages.  It has to be a situation where the value of the house is less than the balance on the first mortgage.  The theory is that in cases where the homestead is worth less than the balance on the first mortgage, then the second mortgage is not really a secured debt.<\/p>\n<p>One prepares and files a Chapter 13 bankruptcy in which the second mortgage is put in with the unsecured debts.  If it succeeds, the debtors should be able to come out the other end &#8211; usually after paying in on a Chapter 13 plan for five years &#8211; with only one mortgage on their house instead of two.  This could really help a lot of people.   The trouble right now is that the availability of the process is still under appeal.  Besides that, the exact procedure for clearing the lien of the second mortgage from the title as a matter of real estate law is still under discussion.<\/p>\n<p>Once the appeals are over and both the bankruptcy laws and the real estate laws have been fully nailed down, this could be really something.  For now I have not found myself willing to subject a client of mine to all the risks involved in this procedure.  To me it just doesn&#8217;t seem quite ready for prime time.  I know lawyers who are going full steam ahead with this, however, and I could refer you to one it you&#8217;d like to at least look into it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just noticed that Minnesota Lawyer has a good recent article on the subject of lien stripping and the status of the availability of this process for Minnesota residents. This is a process in Chapter 13 bankruptcies involving people who have second mortgages. It has to be a situation where the value of the house is &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/mn-bankruptcy.com\/blog\/lien-stripping-update-in-minnesota-lawyer\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Lien Stripping Update in &quot;Minnesota Lawyer&quot;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[69],"tags":[],"class_list":["post-152","post","type-post","status-publish","format-standard","hentry","category-chapter-13"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lien Stripping Update in &quot;Minnesota Lawyer&quot; - Better Call Dave - Bankrupt MN Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mn-bankruptcy.com\/blog\/lien-stripping-update-in-minnesota-lawyer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lien Stripping Update in &quot;Minnesota Lawyer&quot; - Better Call Dave - Bankrupt MN Blog\" \/>\n<meta property=\"og:description\" content=\"Just noticed that Minnesota Lawyer has a good recent article on the subject of lien stripping and the status of the availability of this process for Minnesota residents. This is a process in Chapter 13 bankruptcies involving people who have second mortgages. It has to be a situation where the value of the house is &hellip; Continue reading &quot;Lien Stripping Update in &quot;Minnesota Lawyer&quot;&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mn-bankruptcy.com\/blog\/lien-stripping-update-in-minnesota-lawyer\/\" \/>\n<meta property=\"og:site_name\" content=\"Better Call Dave - Bankrupt MN Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/davidkelllylawoffice\" \/>\n<meta property=\"article:published_time\" content=\"2012-01-15T18:19:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2012-07-24T17:20:52+00:00\" \/>\n<meta name=\"author\" content=\"DaveKelly\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"DaveKelly\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/lien-stripping-update-in-minnesota-lawyer\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/lien-stripping-update-in-minnesota-lawyer\/\"},\"author\":{\"name\":\"DaveKelly\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#\/schema\/person\/a385963a920f92e1cf406fa921c98453\"},\"headline\":\"Lien Stripping Update in &quot;Minnesota Lawyer&quot;\",\"datePublished\":\"2012-01-15T18:19:00+00:00\",\"dateModified\":\"2012-07-24T17:20:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/lien-stripping-update-in-minnesota-lawyer\/\"},\"wordCount\":291,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#organization\"},\"articleSection\":[\"chapter 13\"],\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/mn-bankruptcy.com\/blog\/lien-stripping-update-in-minnesota-lawyer\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/lien-stripping-update-in-minnesota-lawyer\/\",\"url\":\"https:\/\/mn-bankruptcy.com\/blog\/lien-stripping-update-in-minnesota-lawyer\/\",\"name\":\"Lien Stripping Update in &quot;Minnesota Lawyer&quot; 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Sometimes that seems like a long time, and other days I feel as if I just started. These days my practice is devoted entirely to counseling folks concerning their financial problems and representing them in Chapter 7 and Chapter 13 bankruptcy. One thing I don't do is credit repair. When asked about matters concerning credit scores, I like to say \\\"I'm a very good source of unreliable information about that.\\\" What I mean is that I hear a lot about it from my clients who often report back to me how they are doing after their bankruptcy is completed, sometimes even years later; but having heard some stories from a few people doesn't qualify me to give any advice. I spend a lot of time with my clients. I want to be sure we get it right. There are civil and criminal penalties for concealing or providing incorrect information in a bankruptcy care, and my goal is to keep myself and my clients as far away from problems like that as possible. You can find me in MInnetonka near I-394 and Hopkins crossroad. It's ten or fifteen minutes from downtown Minneapolis. You can see parts of Plymouth, Minnesota, Golden Valley, Minnesota and St. Louis Park, Minnesota from the high ground in front of my building. If you take a look at the map, you can see that most of St. Louis Park is closer to my office than many parts of Minnetonka.\",\"sameAs\":[\"http:\/\/www.mn-bankruptcy.com\"],\"url\":\"https:\/\/mn-bankruptcy.com\/blog\/author\/davekelly\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Lien Stripping Update in &quot;Minnesota Lawyer&quot; - Better Call Dave - Bankrupt MN Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/mn-bankruptcy.com\/blog\/lien-stripping-update-in-minnesota-lawyer\/","og_locale":"en_US","og_type":"article","og_title":"Lien Stripping Update in &quot;Minnesota Lawyer&quot; - Better Call Dave - Bankrupt MN Blog","og_description":"Just noticed that Minnesota Lawyer has a good recent article on the subject of lien stripping and the status of the availability of this process for Minnesota residents. 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Sometimes that seems like a long time, and other days I feel as if I just started. These days my practice is devoted entirely to counseling folks concerning their financial problems and representing them in Chapter 7 and Chapter 13 bankruptcy. One thing I don't do is credit repair. When asked about matters concerning credit scores, I like to say \"I'm a very good source of unreliable information about that.\" What I mean is that I hear a lot about it from my clients who often report back to me how they are doing after their bankruptcy is completed, sometimes even years later; but having heard some stories from a few people doesn't qualify me to give any advice. I spend a lot of time with my clients. I want to be sure we get it right. There are civil and criminal penalties for concealing or providing incorrect information in a bankruptcy care, and my goal is to keep myself and my clients as far away from problems like that as possible. 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