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I plan to file a Chapter 13 to cure the default on a rental

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house I own. My primary...
I plan to file a Chapter 13 to cure the default on a rental house I own. My primary residence is not in default. The lender on the rental house is undersecured. Can I split the loan into secured and unsecured parts and cram down the lender? Also, can I modify terms of the loan through my Chapter 13 or should I convert to a Chapter 11 to cram down lender?
Submitted: 6 years ago.Category: Bankruptcy Law
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5/5/2011
Bankruptcy Lawyer: TJ, Esq., Attorney replied 6 years ago
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12,566
Experience: JD, MBA
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Hello and thank you for allowing me the opportunity to assist you.

Yes, you can use a Chapter 13 to cram down the rental property (it can be used on all secured debt except for your principal residence). There is no reason to file a Chapter 11 for this purpose.

Have I satisfactorily addressed your concerns? If not, then feel free to let me know, as I will be happy to clarify my answer or help with your follow-up questions. In the meantime, 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 session). Positive feedback is always appreciated as well. Thank you and good luck!
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12,566
Experience: JD, MBA
Verified
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