Did you know that
liens on your home and property can be avoided in Bankruptcy!
Often a bank or a creditor will attempt to garnish your wages, attach your home
or foreclose. You may have a wage garnishment as the result of a lawsuit. You may even have a furniture lien as collateral by a finance company without your knowledge.
Second mortgages can be eliminated if they have no equity in the property
and often lenders even fail to properly record car liens within 10 days and
car liens can even be avoided.
You may be able to avoid liens on your home or property when you file a bankruptcy, if
you tell your attorney you need this done. Normally consensual and judicial
liens can be avoided by language a Chapter 13 plan or by a 522 f motion
to avoid the lien. Income tax liens must be handled differently since
they are statutory liens. Normally an offer is made to value
tax liens. Since the income tax lien attaches to both personal
and real property now is not the time to overvalue personal property.
Bankruptcy can offer a way to avoid the a on your home if a creditor has attached your home and is threatening to sell it. Our Bankruptcy Manual tells you exactly how to avoid liens by filing bankruptcy.
Liens from a finance companies on your furniture can often be avoided in bankruptcy
by filing a 522 f motion. If your wages or bank account has been garnished you may be able to get that money back.
Did you know that personal income taxes can be bankrupted after just
three years after the return became due as long as you have filed your taxes properly and have not had any tax assessments for that tax debt within the 240 days?
But to avoid an income tax lien on your property you must
normally file a Chapter 13 and repay what you claim is the equity you have in
real and personal property. For detailed information on how to
bankrupt income taxes see our
How to Bankrupt Income Taxes power point
or
How to file Bankrupt Income Taxes Blog..
If your tax lien is over 10 years old the statute of limitations has probably
run here is the form to
release the lien.
Local Kentucky Bankruptcy Rules allow you to avoid a foreclosure if you can repay the arrearage on your home within
3-5 years within a Chapter 13. In Indiana and other states Chapter 13 Bankruptcy rules are
often more liberal. But all states have similar bankruptcy rules.
The Bankruptcy Manual discusses how to avoid liens
including tax liens. Download your free copy. The Bankruptcy manual is for informational purposes only. The Bankruptcy Manual comes in rtf format for word or
WordPerfect, pdf for adobe, or you can download the audio.
