Property Liens

Property liens are interests held in property that secures a debt, such as a mortgage. A mortgage is an example of a voluntary property lien, while there are also forms of involuntary liens, such as judgment liens or tax liens. When a debtor becomes unable to keep up their financial obligations and is unable to continue paying their debts, they may file for bankruptcy in order to resolve their debt and start over. In this case, any property liens may be liquidated, or sold off, and the monetary proceeds from the liquidation will be given to the creditor or lien holder in order to resolve the debt. It may also be possible to file for bankruptcy that allows for debt reorganization, which may allow a debtor to hold on to their property, while making payments to their debtors according to a negotiated plan.

Fast Facts

  • California saw the largest increase in bankruptcy filings in 2005.
  • In August 2009, 52% of total bankruptcy filings in Texas were Chapter 13 filings.

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Articles

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  • What Can Property Liens Be Filed For?

    A lien is a legal claim that attaches to a particular piece of real estate.  If the real estate is sold or oth...
    • By: Howard Jaffe
    • Site: realestatelawyers.com
    • 2 of 3 user(s) found this useful
  • Removing Property Liens

    Since a variety of different circumstances can lead to the filing of a lien on your real estate, the mechanism...
    • Site: realestatelawyers.com
    • 12 of 12 user(s) found this useful
  • Filing Property Liens

    A lien is an encumbrance or claim filed against another person’s property, which can include both real estate ...
    • Site: realestatelawyers.com
    • 12 of 13 user(s) found this useful
  • Property Liens

    Property liens are defined as a charge on property to satisfy a debt or other obligation. An owner may agree t...
    • Site: realestatelawyers.com
    • 4 of 5 user(s) found this useful
  • Property Liens and Lien Release

    When someone is unable or unwilling to pay a debt, or they are in the process of receiving goods or services f...
    • Site: realestatelawyers.com
    • 3 of 3 user(s) found this useful

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