Bruce's house is worth $315,000 and the first mortgage has a balance of $285,000. His second mortgage has a balance of $55,000. If he were to lien strip, the results would be:
A) $55,000 is stripped and becomes an unsecured debt.
B) $25,000 becomes unsecured debt.
C) $30,000 becomes unsecured debt.
D) None of the above.
Correct Answer:
Verified
Q3: Jenny is filing for Chapter 13, and
Q4: A Chapter 13:
A) protects a debtor's credit
Q5: A cramdown or lien stripping can be
Q6: The length of a Chapter 13 plan
Q7: A Chapter 13 lasts _.
A) until the
Q9: Due to a decline in housing sales,
Q10: A wage earner's plan is the term
Q11: Bob owns a business and lately, business
Q12: Maria owes $225,000 in a first mortgage
Q13: What are the time restrictions to file
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