Legal Question in Bankruptcy in Maryland

Secured debts in Chap 11 bankruptcy

I own a trucking company and have hit very hard times. I would like to file Chap 11 to get relief from debt payments. If some of trucks get repossessed after I file, will I owe what is left on the loan?


Asked on 3/07/09, 10:42 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Secured debts in Chap 11 bankruptcy

in a Chapter 11, your deficiencies on the trucks would be treated as unsecured debt, which may be able to be paid a small amount or even nothing. We handle small business chapter 11 cases in Md., so please feel free to call me.

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Answered on 3/07/09, 11:18 am


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