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.
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?
Personal Injury Lawyer
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.
I truly wish you the best.
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