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What is “Lien Stripping”?

Lien-stripping is the process of bifurcating (splitting) a secured claim into two separate claims, the secured portion and the unsecured portion. For instance, you have a home that is worth $500,000 and you have a first mortgage balance of $300,000…

What do all the different Chapters mean?

Bankruptcy Law as a whole is a combination of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Federal Rules of Civil Procedure, State Law, Federal Law, and Case Law developed in the courts.¬† The explanations below are just…