You may not be able to file a second Chapter 11, because the note's maturity date was known in advance. If the plan was predicated on a reasonable probability that you could refinance the secured debt, then that could provide the necessary good faith to file a second Ch. 11. But, if it was unlikely that you could have refinanced the debt, then the original plan could be deemed a stall tactic and a subsequent Ch. 11 would simply prolong the inevitable foreclosure of the secured debt. Since you have already apparently failed to negotiate with the secured creditor, and you cannot find a new lender willing to refinance the debt, this leaves the only other option as an attempted plan modification (other than to file/convert to Chapter 7, that is). A postconfirmation plan modification requires:
In other words, you're looking to try to put together a consensus vote among the other creditors that will force the secured creditor to submit to the plan, and where the secured creditor retains its lien on the property (collateral) and receives deferred payments until paid in full (11 USC § 1129(b)(2)(A)(i). Hope this helps. NOTICE: My goal here is to entertain while educating the public about the law. I hope my answer is useful and informative to you. During our conversation, the website may ask you to rate my answer. If you rate my answer lower than the middle rating, then the website retains your entire payment, and I receive nothing. It is entirely your choice as to how you rate my answer. However, because your payment to me is in the nature of a donation/gift, rather than as compensation for any services rendered, you are entitled to know how your rating affects the final distribution of your donation. If you need to contact me again, please put my user id at the beginning of your question ("ToCustomer), and the system will send me an alert. Please Click the following link for IMPORTANT LEGAL INFORMATION. Thanks and best wishes!
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).