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Lien

In regard to bankruptcy filings, the term lien is defined as a legal claim or a hold on a type of property as collateral against debts owed. An example of a lien is a home mortgage, where the lender has a legal claim to the mortgaged property if the borrower defaults on their financial responsibilities. When an individual files for bankruptcy, their assets may be liquidated and sold off in order to repay their creditors. Those creditors who have liens on specific property will be given priority to any funds from liquidated property and other assets, as they have what is described as secured debt. In a bankruptcy filing, certain property and other items are exempt from liquidation, and a lien may not be put on these exempt items.

Fast Facts

  • The total number of bankruptcies in 2005 was 1,782,643
  • Total bankruptcy filings for January 2009 were 89,000.

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Results 1-5 of 705 for "lien"

  • Alaska Mechanic Lien Laws

    Do you do business in Alaska, either as a subcontractor, prime contractor, tradesperson, or laborer? If so, yo...
    • Site: realestatelawyers.com

  • Kentucky Mechanic Lien Laws

    Contractors, sub contractors, and materials suppliers in the state of Kentucky should be aware of the applicab...
    • Site: realestatelawyers.com
    • 4 of 5 user(s) found this useful

  • Connecticut Mechanics Lien Laws

    The individuals and companies involved in the construction industry in the state of Connecticut should be fami...
    • Site: realestatelawyers.com

  • Maryland Mechanics Lien Laws

    In the state of Maryland, understanding the procedures and deadlines for claims of liens is an essential compo...
    • Site: realestatelawyers.com
    • 4 of 4 user(s) found this useful

  • Colorado Mechanics Lien Laws

    Colorado lien laws protect construction workers and contractors from fraud and non-payment during projects. Ge...
    • Site: realestatelawyers.com

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