Understanding Cramdown in Bankruptcy

One significant advantage is the ability to modify the rights of a secured creditor. This means the debtor can actually change the terms of a contract with a creditor through bankruptcy in a provision generally referred to as cramdown. The cramdown provision reduces the amount owed to the fair market value of the collateral that secures the debt.

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Converting From One Bankruptcy Chapter to Another

The bankruptcy term conversion refers to the process by which a debtor, creditor, or bankruptcy trustee transfers a pending bankruptcy case from one chapter to another. Conversion may occur for a number of reasons, and may be voluntary or involuntary depending on the circumstances. Follow this link for detailed information.

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