The Maryland Order Granting Motion To Value Collateral And To Avoid Security Interest (Ch 13) is a court order that can be issued in Chapter 13 bankruptcy cases. This order allows the debtor to value their collateral and avoid certain security interests that have been granted to creditors. The debtor must prove that the value of the collateral is less than the amount of the secured debt. If the court agrees, the debtor may be able to keep the collateral and avoid the security interest. There are two types of Maryland Order Granting Motion To Value Collateral And To Avoid Security Interest (Ch 13): a “value only” order and a “value and avoid” order. A “value only” order simply values the collateral without allowing the debtor to avoid the security interest. A “value and avoid” order allows the debtor to value the collateral and avoid the security interest. Both types of orders must be approved by the court before they can be enforced.
Maryland Order Granting Motion To Value Collateral And To Avoid Security Interest (Ch 13)
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In contrast, a specific lien is one that attaches to a specific asset. For example, a mortgage bank has a lien on the piece of real estate they financed the purchase of. In a specific lien, the asset was specifically offered as collateral in exchange for the loan or credit.
An attachment lien is an involuntary lien placed against the property to prevent the owner from selling the property during an ongoing legal matter. Attachment liens can be used to prevent an owner from selling during a divorce or bankruptcy proceeding, for example.
?Lien Avoidance?, or ?Avoiding a Lien? is essentially wiping away that interest that a creditor has in your property, removing their right to repossess it, or otherwise ?take it back?.
The lien provides the creditor with the right to seize any and all assets of the debtor in order to settle the outstanding amount due. When a general lien is imposed, the creditor is granted the right to claim ownership of both the real and the personal property of the debtor in order to settle the debt.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.