Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
There is no intent to abuse the bankruptcy process. However, if the lender considers it abuse, what happens next? Does the judge decide if I can move forward with my plan?
If the lender is allowed to foreclose it will lose $100,000 due to declining property values. Allowing me to make some payments gives the market time to recover. Waiting is a good thing for everyone unless they want to write off their losses immediately.
I see. So if I file a motion to value the properties and come up with a low payment they will likely object to everything. Does a judge decide what happens if we can't agree?
A judge can cram down the value over their objection but I think they are going to come after you fairly hard. Even if you succeed on the motions then they become one of your unsecured creditors and they get a vote on whether or not to approve your reorganization plan
Have I satisfactorily answered your question? If I have please remember to click the GREEN ACCEPT BUTTON so that I will receive credit and compensation for my time (doing so does not end our discussion), i will gladly clarify my response or respond to follow up questions if needed.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).