Business Bankruptcy Valuation Hearing
- Thread Starter folliard
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army judge
Super Moderator
If you have a lawyer, you should ask him or her that question.
If you don't have a lawyer, Google "bankruptcy valuation hearing".
despritfreya
Active Member
You don't just ask for a valuation hearing. What are you trying to do. . . a cram down for real property? Give details.
Des.
Des.
despritfreya
Active Member
You will have to file a Complaint or Motion (depending upon the rules of your district) under 11 USC 506, properly serve it, wait the required time for a answer/reply, and if no answer/reply submit the judgment or order. If there is an answer/reply you will have to be prepared to litigate the value or negotiate a settlement.
However, I sure hope you have an attorney because, even if you get the cram down, you will still have to worry about the creditor's right to exercise its 1111(b) election. If you do not know what that election is you really are in way over your head.
Des.
However, I sure hope you have an attorney because, even if you get the cram down, you will still have to worry about the creditor's right to exercise its 1111(b) election. If you do not know what that election is you really are in way over your head.
Des.
despritfreya
Active Member
What would apply? The 1111(b)? Answer - it applies prior to approval of a Disclosure Statement and if the election is taken the creditor is treated as fully secured - you will be pretty much screwed. Better get an attny to fully understand this issue.
Des.
despritfreya
Active Member
On the unsecured portion only yes, but you have to pay the unsecured portion in full so the only savings is the interest accumulation - and, you may have to pay the unsecured portion over a much shorter time period. Again, while it appears you understand some of these issues, you really need an attny.
Des.
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