A judicial lien is something that is not a very favorable decision for a bankruptcy filer. A judicial lien is a judgment that indicates a debtor cannot discharge a loan on a particular property. The property to which the lien has been applied has to be cleared of the debt before it can be refinanced or liquidated by the bankruptcy applier. Usually, the judicial lien cannot be applied for unsecured debt. However, the good news is that a judicial lien can be revoked or avoided in some circumstances. It isn’t easy to reverse a judicial decision, however, depending on applicant circumstances, there can be some possibility.
When Judicial lien can be evaded?
- A judicial lien can be evaded if the judgment has been issued for money and the lien has been applied automatically on the property. This means the judicial judgment did not specifically label or mention that particular asset for lien.
- The property or asset subject to lien has some exemptions that can be claimed by the bankruptcy filer. If not for the whole value of the asset, at least the debtor should be able to claim a considerable amount of equity in the asset as an exemption.
Why is there a need for a good attorney?
A good attorney can be easily found on this link https://www.recoverylawgroup.com/bankruptcy/, is more of a necessity when a judicial lien has to avoid. The reasons are very clear, a judicial lien might be a common incident for a bankruptcy filer, especially choosing to file Chapter 7. There is a particular way to document, claim exemption, file records with necessary documentation with respective authorities, and also follow a very tricky legal procedure. Since the law is very complex, filing can be tricky. Hence, it is very recommended to handle judicial lien using a good attorney.
Another aspect that is often ignored is a good attorney has in-depth knowledge and experience and can maximize some exemptions or favorable law codes that can help in safeguarding a filer’s asset. If you are also in a dilemma and you reside in Los Angeles and Dallas, TX, do not hesitate to dial 888-297-6203 to resolve all your queries instantly.