Voiding Non Purchase Money Security Interests
Through no fault of your own, you have serious financial problems. Among your debts and finances are several loans where you may have given a ‘lien’ or ‘chattel mortgage’ on some personal list of property to secure the loan. If you pledged property you owned before the loan, it is considered ‘non purchase money’. Where you use the loan proceeds to acquire the property, your personal property item is subject to a ‘purchase money’ interest.
In some circumstances in a bankruptcy, it is possible to avoid a non purchase money security interest in bankruptcy, meaning the security interest is discharged.
Cincinnati Lawyer Assisting With Voiding Non Purchase Money Liens
Experienced counsel like Steiden Law Offices have become accustomed to asking the right questions of the client to spot issues and offer suggestions which the client may not have even considered. You should call and sit through a confidential consultation with an adept and skilled advocate and see what options and choices you may not even know exist.
Steiden Law Offices assists clients throughout the Greater Cincinnati region, including in Southern Ohio and Northern Kentucky. We have offices in Cincinnati, Florence and Covington.
What is the Lien?
Even though you owned an item, maybe a riding lawnmower or a list of specific, identifiable items in your home; the piano, the appliances or furniture. If you default on that loan, your credits can sue to recover their liened property.
What is the Difference?
In Bankruptcy your lawyer can, subject to the value of the items as well as your Exemptions, file a Motion with the Court to avoid the Non Purchase Money Security Interest without out having to repay the debt which the items secured.
Failure to Avoid
If you complete your Bankruptcy and you did not file a Motion To Avoid the lien, your personal property may be taken somewhere in the future, long after the conclusion of your Bankruptcy case. It is, therefore, very important to follow every step and proceed carefully through a bankruptcy to avoid missteps that can lead to your liens not being avoided.
Finding the Best Bankruptcy Attorney for Your Liens
When you hire Steiden Law Offices, you get a rich mixture of experienced and insightful lawyers working as your team. This experiences gives them insight into issues likely to come up in your situation and your case, even if you don’t think to suggest them. Experience matters. Call and speak to a Steiden Law Offices lawyer so he can work for you.
