In re Steven A. Sassoon and Julie A. Sassoon, Case No. 2:14-bk-12637-TD
N/AOUTCOME: Confirmed Chapter 11 Plan of Reorganization
On December 23, 2015, the debtors' chapter 11 plan of reorganization was confirmed. The plan I drafted allows the debtors to settle their general unsecured debts totaling $457,721.00 by paying 4.71 cen ... ts on the dollar (4.71% over 5 years). The debtors filed this Chapter 11 bankruptcy due to a $400,000.00 state court judgment entered against them after 2 appeals and ten years of litigation with the opposing counsel. I personally negotiated a settlement with the main judgment creditor for $65,000.00 and created a separate impaired class in our Chapter 11 Plan for this debt so we could use this settlement to help confirm our Plan of Reorganization for the debtors.
