Legal Question in Bankruptcy in Illinois

Comm Mort filing Bankruptcy

I have a $50,000.00 6 month promissory note at commercial mort. they recently filed chapter 11-to reorginize. There is a meeting at bankruptcy court in Nov.

Question-Should I retain a lawyer? Paper hinted that if you hired an attorney that you might 'move' yourself help in receiving money back? 'squeaky wheel-get's first shot..Any advise-Thanks,


Asked on 10/29/08, 6:57 pm

2 Answers from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Re: Comm Mort filing Bankruptcy

Thank you for your question. While this may sound self-serving, you should consider retaining an attorney. A Chapter 11 is a complex area of commercial law. As a noteholder, you risk a "cram-down" which can impair your rights and ability to receive full value. There are a number of moving parts which, despite your best efforts, you may not be fully prepared to address.

Regards,

Adam Tracy

[email protected]

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Answered on 10/29/08, 7:01 pm
Motty Stone Law Offices of Motty Stone

Re: Comm Mort filing Bankruptcy

I will add to the previous post that you cannot be penalized for hiring an attorney. Your question is a bit unclear about the details, but you are definitely in a position where you need to enforce your rights in this promissory note. A $50,000 note is worth the attorney time. Please feel free to give us a call if you want to talk about the details.

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Answered on 10/29/08, 8:01 pm


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