Q: Company I bought mobile home is filing chapter 11 bankruptcy
Yes they are filing bankruptcy and it says in paperwork if I want to be relieved of debt I have to respond to it or file something if I don't want to settle for what they offer in trying to figure out what I should do?
A:
Your post omits almost all the facts necessary to answer your question.
That said, there are two basic types of Chapter 11 cases: one is a financial reorganization, and the other is a liquidation. Often, in a liquidation, a bankruptcy trustee is appointed, or at least the attorney for the unsecured creditors' committee (appointed by the US Trustee at the first meeting of creditors) is very much involved to maximize the price(s) obtained for whatever assets are to be sold.
In either event, a "settlement" of your indebtedness for less than its face amount will require approval by the bankruptcy Court, and be subject to objections by any creditor or other interested parties.
Speak to an experienced bankruptcy attorney licensed to practice in your jurisdiction, who, after a full review of the facts around your specific debt, and the nature of the larger case, will give you recommendations for the best path forward.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (916) 704-3009
- View Profile
- Answered
A: It's essential to review the bankruptcy documents carefully and consult with a bankruptcy attorney to understand your options. You may need to file a claim in the bankruptcy proceedings to protect your interests and potentially negotiate a better outcome. Make sure to act promptly, as there may be deadlines for responding to the bankruptcy filing.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
