This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is a cramdown and how does this concept in Chapter 13 bankruptcy cases help the debtor? What is ... (Read 67 times)

iveyjurea

  • Hero Member
  • *****
  • Posts: 555
on: Aug 2, 2018
What is a cramdown and how does this concept in Chapter 13 bankruptcy cases help the debtor? What is the process that the debtor must follow him or herself or through an attorney?
 
  What will be an ideal response?

Question 2

Chapter 11 of the Bankruptcy Code deals with the reorganization of debt and allows debtors to ________ their debt and pay back their creditors.
 
  A) Abandon
  B) Disclaim
  C) Disinherit
  D) Restructure


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

DylanD1323

  • Sr. Member
  • ****
  • Posts: 314
Reply #1 on: Aug 2, 2018
Answer to Question 1

Under Chapter 13, a secured loan may be restructured to reflect the current market value of the property. Cramdown is a bankruptcy power that many use in connection with a car loan where the collateral has depreciated faster than the outstanding loan balance. Under Chapter 13, a secured loan may be restructured to reflect the current market value of the property. The debtor, in his or her repayment plan proposal, will outline how he or she intends to repay the value of the vehicle over the three- to five-year Chapter 13 plan. The bankruptcy court will determine a fair interest rate to apply to the remainder of the cramdown loan. The remainder of the loan or the unsecured portion of the loan will be treated in the same manner as the debtor's other debts.

Answer to Question 2

D


iveyjurea

  • Member
  • Posts: 555
Reply 2 on: Aug 2, 2018
Wow, this really help

FergA

  • Member
  • Posts: 352
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

The cure for trichomoniasis is easy as long as the patient does not drink alcoholic beverages for 24 hours. Just a single dose of medication is needed to rid the body of the disease. However, without proper precautions, an individual may contract the disease repeatedly. In fact, most people develop trichomoniasis again within three months of their last treatment.

Did you know?

Approximately 500,000 babies are born each year in the United States to teenage mothers.

Did you know?

Hip fractures are the most serious consequences of osteoporosis. The incidence of hip fractures increases with each decade among patients in their 60s to patients in their 90s for both women and men of all populations. Men and women older than 80 years of age show the highest incidence of hip fractures.

Concept map of disease and immune system Concept map of disease and immune system
Using concept maps as a learning strategy Using concept maps as a learning strategy
Concept map Concept map
An old concept of genetic transmission—a homunculus in a sperm cell. An old concept of genetic transmission—a homunculus in a sperm cell.
Top Ten States Ranked by Rate or Reported Bacterial STI Cases in 2011 Top Ten States Ranked by Rate or Reported Bacterial STI Cases in 2011
Illustration of the concept of overlapping genes Illustration of the concept of overlapping genes
Video: Types of Shock (Part 2 of 2)

For a complete list of videos, visit our video library