If you are filing for Chapter 13 bankruptcy and have a second mortgage, you may be able to "strip down" or "cram down" your second mortgage in something commonly referred to as "lien stripping."
In a Chapter 11 , a Debtor may restricted its debts or the terms under which a Debtor in a Chapter 11 Bankruptcy will pay off its debts. This includes lien stripping in some cases. This is done primarily by motion and can reduce the amount of a secured creditor's lien to the value of available collateral securing the debt. In short, the debtor may force a secured creditor to release its lien by paying the secured creditor the current value of the collateral, rather than paying the full amount to the debtor owed the secured creditor. The balance would be treated as an unsecured claim.