What is the name of your state (only U.S. law)? Utah, but the Ch. 11 Bankruptcy is in PA.
I am a secured creditor and my friend is an unsecured creditor with a debtor who has filed a Ch. 11 Bankruptcy. We made private loans to the debtor and my loan is secured by a mortgage deed. However, both of us are listed as "unsecured" and "non-priority" in the debtor's Summary of Schedules.
1. How can that be corrected to list the secured debt as such, and for both of us to be listed with the priority debts?
2. Also the secured amount is known by the debtor as depicted on the Mortgage Deed and Promissory Note signed by the debtor, but it was listed as "unknown". (Although the debtor is disputing the amount.) FYI: The Meeting of Creditors is being held out of state, too far for me to travel due to the expense.
3. The BK attorney has submitted a motion to increase his already approved fee of 2% on the gross sale of the debtor's commercial real estate asset, to 10%. Which seems excessive and unreasonable. I've submitted a letter to the court to refute this request due to the impact it would have to cut too deeply into the reimbursement to creditors. Is there any reason why I wouldn't want to dispute this? I.e. could the BK attorney retaliate by working towards a less favorable settlement with me?
4. I have left messages for the debtor's attorney about the above, but have gotten no response. Do they have any obligation to respond to creditors, especially in regards to correcting errors or conveying to us the debtor's plan?
Thank you,
I am a secured creditor and my friend is an unsecured creditor with a debtor who has filed a Ch. 11 Bankruptcy. We made private loans to the debtor and my loan is secured by a mortgage deed. However, both of us are listed as "unsecured" and "non-priority" in the debtor's Summary of Schedules.
1. How can that be corrected to list the secured debt as such, and for both of us to be listed with the priority debts?
2. Also the secured amount is known by the debtor as depicted on the Mortgage Deed and Promissory Note signed by the debtor, but it was listed as "unknown". (Although the debtor is disputing the amount.) FYI: The Meeting of Creditors is being held out of state, too far for me to travel due to the expense.
3. The BK attorney has submitted a motion to increase his already approved fee of 2% on the gross sale of the debtor's commercial real estate asset, to 10%. Which seems excessive and unreasonable. I've submitted a letter to the court to refute this request due to the impact it would have to cut too deeply into the reimbursement to creditors. Is there any reason why I wouldn't want to dispute this? I.e. could the BK attorney retaliate by working towards a less favorable settlement with me?
4. I have left messages for the debtor's attorney about the above, but have gotten no response. Do they have any obligation to respond to creditors, especially in regards to correcting errors or conveying to us the debtor's plan?
Thank you,