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dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5156
Experience:  37 plus years of experience specializing in bankruptcy law
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I am filing chapter 11 on a single real estate partnership. Is

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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.

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