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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: This Chap 13 snag... Posted by Ward-CA- on March 02, 2002 at 7:47 PM In Reply to: 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: 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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