Legal Question in Credit and Debt Law in Wisconsin

Bankruptcy courts can strip liens down to the realistic value of the collateral, provided that all parties are properly served with an adversary proceeding lawsuit. A wrecked car may not be worth the trouble, however. You should ask your attorney to negotiate with the creditor to see if the lien could be settled for a reasonable amount near the scrap value of the car.

My answer does not automatically make me your attorney, so you need to consult with your own attorney before acting upon any of my comments and may contact my office at 333 Main St, Racine, WI 53403, 262-633-3090, during business hours, or see me on the web at www.jayknixonlaw.com. or past online answers at the following links: http://www.lawguru.com/answers/atty_profile/view_attorney_profile/jknixonAttorney or at http://www.avvo.com/attorneys/53401-wi-jay-nixon-1529181/answers.html?sort=recency . Answers may contain advertising materials.