The Process of Lien Stripping Can be Applied to Vehicles under Certain Conditions
Jan. 27, 2017
You can do that to vehicles but they recently changed the law; you have to have had the vehicle for more than two-and-half years to be able to do that. We do that though because of vehicle’s, what we call, rapidly depreciating asset. But we have done it on second houses too. We have several cases where people are basically buying their second house through the Chapter 13 plan and discharging the remainder of the liability. That was very popular in 2010 and 11 when the property values plummeted and then, people were so far under water.