Debt on 8 houses reduced 57% with Chapter 11

Richard Edmund Hawkins

Practice Area:Bankruptcy / Chapter 11

Outcome:Massive debt reduction, making rentals and business profitable.

Description:Client had eight rental properties, worth approximately $600,000, but with crushing debt payments on $1.4 million. Client was preparing to lose all homes to foreclosure. Client additionally had several investment parcels throughout the country, and debt and collateral from a failed business. The confirmed plan reduced the debt on the houses by about 57% to $600,000--which meant than instead of unmanageable negative cashflow, they generated enough each month to fully fund the plan payments. Additionally, client was able to keep several of the investment parcels, and select business assets to begin again.

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