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Lien and Bankruptcy Law

What is Lien?

According to the law, a lien is considered to be a form of a safety importance that is granted for part of a property in order to protect the payment of a debt or performance in some other sort of responsibility. The owner of that property is the one who allows the lien, this person is considered the lienor and the person who has the advantage of the lien is considered as the lienee.

What is a lien waiver?

A lien waiver is a legal document from the supplier that states the person who has the lien has paid off all the debts to this person, and is waiving any future lien rights to the uncertain property.

In the state of Minnesota in a Chapter 7 filing does an individual have to file a lien prevention at the same time they file for bankruptcy, if not what is the time limit they have in order to file for a lien prevention?

In this case the lien prevention motion is not allowed to be filed at the same time the bankruptcy is being filed, on the other hand what is possibly is that any time before the bankruptcy case is closed the individual can motion for lien prevention.

Is a credit card company allowed to place a lien upon property, real estate or a vehicle? If so are they allowed to if there is already a mortgage or loan against this? If so can the credit card company place another mortgage or loan against the above stated?

In this case it is possible for a credit card company to put a lien on the above stated properties, but with that being said it is very unusual. Now with that being said, the creditors will first need to have a judgment and then go ahead to the process of changing the judgment to a lien, then the lien to a lien property, normally real estate is the first thing to have a lien place upon it. Now what would happen, the mortgages are liened first, and normally that lien will stay in place up until the property is sold. Also, state property can be protected from judgment liens on property. As to whether a creditor can put a lien on someone’s property and as to whether or not the person can be required to sell the home will all depend on where this is located, the property exemptions will vary from state to state.

Can a credit card company place a lien against someone’s home if they cannot pay the payments?

In this case the credit card company can in fact place a lien upon a home if the owner is not complying with the payment agreements, but not at the beginning. First the credit card company will need to sue the owner and receive a judgment. After that, the credit card company has the right to place a lien upon the home. Now, if the individual decides to file bankruptcy within 90 days of the lien, the lien would more than likely be removed and the debt will be released.

When a lien is placed upon a home, company or even a automobile, the person can become confused, scared and not sure on what steps should be taken next in order to receive a lien waiver. These steps can be addressed when you contact the Legal Experts online. These thousands of Legal Experts have many years of experience when dealing with different types of liens and bankruptcy laws.
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