How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask dylatess Your Own Question
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5142
Experience:  37 plus years of experience specializing in bankruptcy law
Type Your Bankruptcy Law Question Here...
dylatess is online now
A new question is answered every 9 seconds

I am filing chapter 11 on a single real estate partnership. Is

This answer was rated:

I am filing chapter 11 on a single real estate partnership.
Is it best to have my asset value higher then my liability? for example the property tax authority has the value listed at 1,045,000.00 and I have it on the market for 1.375 million.

my liability is 1,127,400.00.

I need the adequate protection payments to start late and as low as possible
The mortgage banker wants to foreclose even in chapter 11. (commercial)

which is the best value to use for he asset? and why?
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. Unless your assets exceed your debts, the BK will rule that you have no adequate equity protection and therefore your case should be dismissed or worse ever, converted to a chapter 7 where the assets would be sold to pay your creditors. So it is best to value your assets higher and put the burden on the lender to prove otherwise.

Because I help people like you here, for a living---this is not a hobby for me---I sincerely XXXXX XXXXX abiding by the honor system with regard to Accepting answers, by Clicking your ACCEPT button now. Otherwise I do not get paid anything at all. BONUS and POSITIVE FEEDBACK are also appreciated An Accept also assures that I can assist you again. I wish you the best in your future.

dylatess and other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions