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re: 1111(b) Election, Individual Chapter 11 Plan - Judge
you know, I just reread what I wrote and it would probably be better to say
in option 1, that the creditor is being paid the present value, including
5% interest,
On Mon, Jan 28, 2013 at 6:00 PM, Dennis McG wrote:
> **
>
> [Attachment(s) from Dennis McG included
> below]
>
> 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@urelawfirm.com
>> Website: www.urelawfirm.com
>>
>>
>
>
you know, I just reread what I wrote and it would probably be better to say in option 1, that the creditor is being paid the present value, including 5% interest,On Mon, Jan 28, 2013 at 6:00 PM, Dennis McG <cdcbaamailbox@gmail.com> wrote:
[Attachment(s) from Dennis McG included below]
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.dennisOn Thu, Jan 24, 2013 at 2:56 PM, David S <dshevitzulf@yahoo.com> 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.
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