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Simple English definitions for legal terms

lien-stripping

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A quick definition of lien-stripping:

Lien-stripping is a practice used in bankruptcy where a mortgagee's secured claim is split into secured and unsecured components. This allows the debtor to modify the terms of the mortgage and reduce the amount of debt to the market value of their residence. However, the U.S. Supreme Court has prohibited lien-stripping in all Chapter 7 cases and in Chapter 13 cases involving a debtor's principal residence. The Bankruptcy Reform Act of 1994 also modified the Bankruptcy Code to prohibit lien-stripping in Chapter 11 cases involving an individual's principal residence.

A more thorough explanation:

Definition: Lien-stripping is a practice in bankruptcy where a mortgagee's secured claim is divided into secured and unsecured components. The claim is then reduced to the market value of the debtor's residence, allowing the debtor to modify the mortgage terms and reduce the debt amount.

For example, if a debtor owes $200,000 on a mortgage for a home that is now worth $150,000, lien-stripping would split the claim into a secured portion of $150,000 and an unsecured portion of $50,000. The unsecured portion can be discharged in bankruptcy, and the debtor can modify the mortgage terms on the remaining secured portion.

However, the U.S. Supreme Court has prohibited lien-stripping in all Chapter 7 cases and in Chapter 13 cases involving a debtor's principal residence. The Bankruptcy Reform Act of 1994 also modified the Bankruptcy Code to prohibit lien-stripping in Chapter 11 cases involving an individual's principal residence.

These examples illustrate how lien-stripping works and the limitations on its use in bankruptcy cases.

lien state | lien waiver

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m10
20:42
Get the ones that are dressed up then!
@JumpySubsequentDolphin: LITERALLY I also just applied to work at garage cuz 50% EMPLOYEE DISCOUNT
m10
20:43
Or legacy collection v1
JumpySubsequentDolphin
20:43
@SplitterusClitterus: GARAGE JEANS FIT ME SO WEIRDLY WHICH SUCKS BC THEYRE SO CUTE
m10
20:43
The cool thing about V2 was it was an infinitely generating collection so they would have never sold out but they ended it early cus of the bear market.
@JumpySubsequentDolphin: NAURRR i need to try them on to see. ive never owned anything from them exceot maybe a tank in middle school?? but ive been a longtime lurker/windowshopper/fan
JumpySubsequentDolphin
20:45
SPLITTY if their jeans fit on my thighs they’re too big on my waist!!! it’s so frustrating
NOOO THEIR WHITE GIRL JEANS actually idk why im surprised
THEYRE**** THAT WAS AUTOCORREXT I SWEAR
babycat
20:46
@m10: infinitely generating means it comes up with new pictures? or new copies of the same pictures?
JumpySubsequentDolphin
20:46
if you’re the slightest bit curvy they are so obnoxious. me and my Abercrombie curve love’s are good together
SHUT UP I LOVE ABERCROMBIE JEANS
m10
20:47
Did y'all see this from ararara last night? https://studicata.com/case-briefs/all/
THOSE FIT SOO GOOD. i desperately need new jeans tho i ahvent gone shopping in millennia so a discount would come in clutch
JumpySubsequentDolphin
20:48
I got these jeans from re/done on a crazy sale and I love them BYT RHEY HAVE FIVE BUTTONS
JumpySubsequentDolphin
20:48
I DIDNT REALIZE WHEJ I BOUGHT THEM BC THEYRE HIDDEN. LIKE INSTEAD OF A ZIPPER THEYREBALL BUTTONS
JumpySubsequentDolphin
20:48
what if I have to pee.
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
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