A Bankruptcy Success Story
July 28, 2021
Genova Burns, through Scott Rever Esq. of its Bankruptcy, Reorganization and Creditors' Rights Practice Group, recently obtained confirmation of an individual Debtor’s Chapter 11 Reorganization Plan which enabled the Debtor to retain her interest in her house, her commercial real estate, and her business.
Genova Burns was substituted in for counsel for the Debtor when the case was on the cusp of dismissal. Genova Burns assisted the Debtor in negotiating and obtaining Bankruptcy Court approval of loan modifications of the mortgages on the Debtor’s home and commercial property, through which the Debtor shed more than several hundred thousand dollars of mortgage debt. In addition, through the plan the Debtor modified her secured and priority tax obligations to the Internal Revenue Service and the State of New Jersey so the debt could be paid off over a five year period.
Due to the efforts of Genova Burns the Debtor was able to confirm a consensual Plan of Reorganization through which she was able to restructure her obligations and retain her assets.
Bankruptcy and Reorganization is never an easy decision. For additional information please email Scott Rever, Esq.