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Elizabeth Prentice
Elizabeth Prentice, Attorney
Category: Bankruptcy Law
Satisfied Customers: 170
Experience:  Managing Attorney for one of the largest consumer bankruptcy firms in America.
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I JUST RAN OUT OF TIME ON NOVEMBER 5TH TO FILE A PLAN WITH

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I JUST RAN OUT OF TIME ON NOVEMBER 5TH TO FILE A PLAN WITH THE CHAPTER 11 TRUSTEE. MY ATTORNEY SAYS I AM AT THE MERCY OF THE TRUSTEE. HE MAY CHOOSE TO FILE A MOTION TO DISMISS OR CONVERT TO A 7 AT ANYTIME. THE MORTGAGE COMPANY GOT A RELIEF OF STAY AND ADVERTISED THE PROPERTY AND WILL FORECLOSE THE FIRST TUESDAY IN DECEMBER. I PROVIDED A COMMITMENT LETTER FROM A PRIVATE LENDER BUT IT IS CONTINGENT ON AN APPRAISAL. THE MAI PROPERTY AND BUSINESS APPRAISAL WILL BE READY ON NOVEMBER THE 14TH. I AM CONFIDENT THE BUSINESS CAN GET FUNDING BUT BECAUSE IT HAS ADULT ENTERTAINMENT IT HAS TAKEN THIS LONG. THE MORTGAGE BROKER SAYS THERE MUST BE SOMETHING ELSE I CAN DO TO GET MORE TIME TO GET FINANCING IN PLACE. MY ATTORNEY SAYS NOT THAT HE IS AWARE OF. I AM A SINGLE MEBER LLC, THIS IS MY ONLY SOURCE OF INCOME AS I AM SEFL EMPLOYED. IS THERE ANYTHING ELSE I CAN DO TO GET MORE TIME?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Fran-mod replied 1 year ago.
Hi, I'm a moderator for this topic. I've been working hard to find a professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you. Thank you!
Customer: replied 1 year ago.
YES I WILL CONTINUE TO WAIT. THE TRUSTEE HAS NOT MADE A MOTION YET, BUT MAY DO SO ANY DAY NOW. PLEASE LET ME KNOW SOMETHING ASAP. THANKSJ.DACOSTA
Expert:  Fran-mod replied 1 year ago.
Thank you for your continued patience. We will continue the search for a professional for you
Expert:  Elizabeth Prentice replied 1 year ago.
I am a bankruptcy attorney and I would be happy to answer your question. First, since you already have an attorney I recommend you obviously defer to him or her regarding a plan of action for your Chapter 11 bankruptcy. However, here are some options that may be available to you and your attorney:

Although the property may be set for a foreclosure sale, you still have time, even if it takes up to the last day before the sale. Debtors in your position can get very anxious with a foreclosure sale looming as is normal, but remember you still have a few weeks and a lot may happen. As soon as the appraisal and funding comes through your attorney can easily prepare a Stipulation Reinstating the Bankruptcy Stay that the creditor's counsel can sign, and then file for the Court's approval. This will prevent the sale and reinstate the Stay. This happens quite often at the very last minute in many bankruptcy cases, sometimes even the same day as the sale. Then the creditor will usually later file a Notice stating why the stipulation was filed. This can include reasons such as the appraisal, payment of arrears, good faith payment, funding, etc.

With regards XXXXX XXXXX Chapter 11 Plan being filed late, I would recommend filing one as soon as possible! Your attorney may want to file a Motion requesting an extension of time to file a Plan, and then attach a proposed Plan to the Motion along with the appraisal as soon as you receive it. You may even want to file the Motion right now without the appraisal but explain to the Court that your plan is contingent on an appraisal and certain funding and then attach an Affidavit from you personally explaining what steps (the details) you are doing in order to secure such funding.

Lastly, your attorney could file an Emergency Motion to Reinstate the Stay for the Property, which at least may buy you some time before the property is sold. The creditor may oppose it, but at least you can present your argument to the Court and this may prolong the sale a few extra weeks. The Court may grant you and your attorney a temporary stay Order to see if a proposed plan is viable or allow you a few extra weeks to get the funding. Therefore, the Court could continue the hearing while preventing the sale in the mean time.

I hope my answer has assisted you and that you will leave me a positive rating! If you have any other questions, please feel free to message me directly. I would be happy to assist you.
Elizabeth Prentice, Attorney
Category: Bankruptcy Law
Satisfied Customers: 170
Experience: Managing Attorney for one of the largest consumer bankruptcy firms in America.
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