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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] This Chap 13 snag... Posted by Alfred, Trainee on February 13, 2002 at 1:03 AM Ward, Who is that handsome guy in front of the viewing machine in that picture? Anyway, I'm working out this BK snag and it looks like I have a solution. SELL THE NOTE AND STILL MAKE A DECENT PROFIT! I've already been courting note buyers and believe it or not some would be interested in buying. Not instiutional buyers but private buyers. It would seem best to wait out the 431 meeting and the Confirmation Hearing because the BK could be dismissed up to that point and then I could immediately resume my TTEE sale 10 days later and get cashed out or get the house. So, if the debtor's plan is accepted or confirmed at the hearing, making this note a cashflow vehicle instead of a cash out deal, I'll want to sell it. But this is what I need to know... as a creditor in this Chap 13 BK, will it be legal for me to sell the note? Would there be any problems or stops? Would I just be able to do the deal and then turn the new Assnmt of TD, etc. over to the Trustee of the BK so that he/she starts sending the payments to the new owner? Could you go over this, confer with your hot shot BK attorney, and let me know the actual facts as to whether I can or not? Working the legalities and facts out on this is important to me and your help is much appreciated. Thanks in advance. Best, Alfred B. Follow Ups: Re: This Chap 13 snag... Ward-CA- 7:47 PM, 03/02/02 (0) Re: This Chap 13 snag... Ron 9:15 PM, 02/13/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward, : Who is that handsome guy in front of the viewing machine in that picture? : Anyway, I'm working out this BK snag and it looks like I have a solution. SELL THE NOTE AND STILL MAKE A DECENT PROFIT! I've already been courting note buyers and believe it or not some would be interested in buying. Not instiutional buyers but private buyers. : It would seem best to wait out the 431 meeting and the Confirmation Hearing because the BK could be dismissed up to that point and then I could immediately resume my TTEE sale 10 days later and get cashed out or get the house. : So, if the debtor's plan is accepted or confirmed at the hearing, making this note a cashflow vehicle instead of a cash out deal, I'll want to sell it. : But this is what I need to know... as a creditor in this Chap 13 BK, will it be legal for me to sell the note? Would there be any problems or stops? Would I just be able to do the deal and then turn the new Assnmt of TD, etc. over to the Trustee of the BK so that he/she starts sending the payments to the new owner? : Could you go over this, confer with your hot shot BK attorney, and let me know the actual facts as to whether I can or not? Working the legalities and facts out on this is important to me and your help is much appreciated. Thanks in advance. : Best, Alfred B. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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