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If the first mortgage on your house is for an amount more than the house is worth, you have the right to “strip” or eliminate any junior mortgage – like a home equity line of credit against your house – as a part of your chapter 13 plan. The amount of the junior lien will be treated like any other unsecured claim and be paid as a part of your chapter 13 plan, pro rata with the rest of your secured creditors. You can “strip” a fully unsecured mortgage lien if you are entitled to a discharge under chapter 13. We are presently litigating the question of whether you can “strip” a fully unsecured mortgage lien in chapter 13 even if you were previously discharged in a chapter 7 case and not presently entitled to a discharge under chapter 13 owing to the 4 year waiting period after a chapter 7 discharge until eligibility for a chapter 13 discharge.
Illinois Lawyer David P. Leibowitz handles business law, estate planning, probate, asset
protection, consumer bankruptcy, business bankruptcy, real estate, elder law, guardianships, identity theft, consumer protection, commercial collections and foreclosure defense matters from Chicago to Milwaukee with offices in Chicago, Skokie, Waukegan, Milwaukee and Kenosha.
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