There are many complex terms associated with individual finance and property law. Knowing some of these concepts and how they relate to your bankruptcy case is very useful. One of these concepts is a property lien. A lien is a type of security interest that is granted over a piece of property to secure debt payments or another type of obligation. Liens on property can complicate your finances and make it difficult for you to regain financial control.
If you need financial relief or financial reorganization, speak with a bankruptcy attorney today to find out if Chapter 7 or Chapter 13 bankruptcy can help you get the fresh financial start that you need.
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Types of Property Liens that Affect Bankruptcy
There are many different kinds of liens that can be taken out on property for a variety of different kinds of debts, and debt can take many different forms that will affect the bankruptcy filing process. Common types of liens include:
Bail bond liens for posting bail Child support liens for back child support Code enforcement liens if a building is not up to code Consensual liens when the property owner agrees to situation Equitable liens to satisfy a debt to a creditor Nonconsensual liens
Liens such as these can be taken out on your property so that the interested party can secure payments on the debt that is owed to them. If you are not sure which properties have liens, you can contact a company who specializes in conducting title searches.
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