Recent news articles have proclaimed that housing prices are beginning to rebound. Even hard-hit locations like Las Vegas are reporting rising home values compared with last year. Despite this very welcome turnaround, many homeowners are not out of the financial woods yet. Salary reductions, periods of unemployment and loss of bonuses and other benefits still are applying pressure on many homeowners’ cash positions and their ability to keep current on living expenses.
With home values rising, but homeowners still struggling, the next big battleground in bankruptcy may be over which party will benefit from the appreciation of real property collateral. In particular, the battle likely will manifest itself in the context of so-called “lien stripping” in Chapter 7 cases.
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