Chapter 11 Case 1111(b) / Plan Objection

Asked over 3 years ago - Henderson, NV

chapter 11 case. Few properties of mine under chapter 11 case; the creditors has elected treatment under 1111(b). Have couple of questions for you.
1. How do I get the plan confirmed (after 5 years) so that If I wanted to sell the property after 5 years in the plan: I don't have to pay proof of cliam field by the creditor vs plan appraised value. For example proof of cliam is 650K vs current appraised value $350K. What would be my responsiblity
2. Another property: 1111(b) election was filed; current market value is 40K; proof of claim 130K; based on the plan creditor gets total of 70K; now creditors filed an objection to the plan; because which is considerably less than the amount of Secured Creditor’s claim.
claim.

Additional information

Based on your experience how the judge treat the 1111(b) on a real estate investor.
What else I should expect from creditor who has elected treatment under 1111(b)
Should I change my lawyer?

Attorney answers (1)

  1. Andrew Daniel Myers

    Contributor Level 20

    Answered . Chapter 11 cases require much more thorough analysis than we can give on this side of the computer based on a summary. I know this is not the answer that you are looking for, but I believe that you need to work with your attorney and fully discuss the issues behind your question.

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