Chapter 13 Cramdown

Chapter 13 Bankruptcy is a very complicated process which in some circumstances is a mix of State and Federal laws. In preparing for the filing of your Chapter 13 case your lawyer will assess the types and character of debts which you have and by applying established Chapter 13 principals, structure your debts into different classes. Your Chapter 13 Plan will then spell out for the Bankruptcy Trustee, Bankruptcy Court and your creditors what percentage distribution, if any each class will receive.

One option that may be available in a Chapter 13 bankruptcy is the "cramdown," which reduces the total debt a person has.

Cincinnati Bankruptcy Lawyer for Cramdowns

Steiden Law Offices has handled thousands of Chapter 13 cases in the Northern Kentucky and Greater Cincinnati Areas for 19 years. Chapter 13 is complex and the experience we have to share makes a difference. Call and find out if Chapter 13 can work for your situation.

Steiden Law Offices offers a free, confidential consultation with one of our lawyers. They will thoroughly explain the process and explain that they will be with you through the entire process, explaining choices and making suggestions based on this substantial experience.


Chapter 13 Confirmation

The final event for your filing is called the Confirmation Hearing. At this hearing, the Court will approve or reject the content and treatment of your various classes of creditors which are set up in your Chapter 13 Plan. Often times the creditors do not agree with your treatment of them. The process of getting your 13 Plan approved or ‘confirmed’ is called Cramdown.

A cramdown allows you to reduce the principle and the interest rate of certain debts, including auto loans, loans for personal property or, sometimes, a mortgage on real property that is not the principle residence. The cramdown reduces the amount of the debt to the current value of the property.


Creditor’s Objections

Cramdown is necessary when a creditor or group of creditors do not agree with their treatment under the Chapter 13 Plan. Steiden Law Offices knows that the Bankruptcy Code will allow the Judge to approve the Plan with some established limitations and exceptions.

It is this experience in knowing what can be done and what cannot that sets Steiden Law Offices apart from many of the other firms who practice in this area. Steiden Law Offices will be with you each step of the process and help you get ready for your Fresh Start.

 

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