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1111(b) Election, Individual Chapter 11 Plan - Judge Zurzolo
The creditor has until "prior to the conclusion" of the DS hearing to make the election. FRBP 3014. VZ wants you to disclose how you will treat the creditor IF the creditor makes the election. If he has already made the election, say so, and just make sure the treatment complies with 1111(b). Jon
>
> If a creditor makes an 1111 b election, and you did not provide for the
> possible election in the plan, you must amend the plan and ds.
>
> The ds form refers the creditors to the plan for information about paying
> secured claims, however, you must change the spreadsheets, or budgets
> (whichever you have attached to the DS).
>
> The plan form has three places into which you can place the treatment,
> depending on what the collateral is. Class 2 is used if the collateral is
> a residence of the debtor.
>
> There are a couple of ways to show it is an 1111(b) treatment, you can put
> it next to the name of creditor, and just put the numbers on the
> appropriate lines, or I add a box, each are shown on the attached. Keep in
> mind we are not supposed to add boxes, but I have done it. The safer way
> is to just add after the name that the creditor elected, put the
> appropriate numbers in, and be ready to explain to the judge, if the
> creditor objects, which option you put in the plan and why.
>
> You will also have to show what you did and why the math works in your plan
> confirmation memo.
>
> dennis
>
>
> On Thu, Jan 24, 2013 at 2:56 PM, David S wrote:
>
> > **
> >
> >
> > Dear Listmates,
> >
> > If a creditor takes an 1111(b) election in an Individual Chapter 11 in
> > front of Judge Zurzolo, what language does the Judge/Court want in the FORM
> > Chapter 11 Plan (2081-1.Plan) and the FORM Disclosure Statement
> > (2081-1.DIDCLSR.STMT) in order to ensure that the creditor's claim is fully
> > provided for. There does not appear to be anywhere in the FORM Disclosure
> > Statement to reference a Secured Creditor's 1111(b) election.
> >
> > If anyone has a sample plan/disclosure statement in Front of Judge Zurzolo
> > using the required individual forms that was approved whereby a creditor
> > took an 1111(b) election and the claim was treated as such in the plan I
> > would really appreciate it.
> >
> > Regards,
> >
> > - David
> >
> > David S. Shevitz, Esq.
> > Ure Law Firm
> > 811 Wilshire Blvd. Suite 1000
> > Los Angeles, CA 90017
> > Telephone: (213) 202-6070
> > Facsimile: (213) 202-6075
> > Email: david@...
> > Website: www.urelawfirm.com
> >
> >
> >
>
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