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Fleysher Law Blog

Chapter 7 Bankruptcy

Supreme Court Declares 2nd Liens Can’t be Stripped in Chapter 7 Bankruptcy

Banks win out after the Supreme Court ruled on Monday. They state that homeowners cannot rid themselves of a second mortgage by filing for bankruptcy protection. All nine Supreme Court justices unanimously agreed that filing for Chapter 7 bankruptcy will not void a junior mortgage lien. This is when the amount owed by the senior lien surpasses the current amount of the collateral; if the Chapter 7 bankruptcy code allows

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