Chapter 11 for Individuals: Save Hundreds of Thousands of Dollars by Stripping and Cramming Down Mortgages!


We consulted with a couple who owned 6 real properties , including their homestead. Each property was valued at less than the respective 1st mortgage, and in several instances, there was a 2nd mortgage, as well as other encumbrances, such as judgments liens, municipal liens and association claims of lien.

Collectively, the clients’ debt exceeded $3.6 million, which included $2.4 million of unsecured and undersecured claims. We filed an individual Chapter 11 bankruptcy case, and we were able to reduce the 1st mortgages down to the value(s) of each property and remove all 2nd mortgages and other encumbrances. In many instances, we were able to successfully propose new 30 year payment terms, at low interest rates.

Furthermore, with regard to the $2.4 million of unsecured and undersecured claims, we were able to propose a repayment plan of just over 1%, over 5 years, in order to discharge the remaining debt.

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  Leiderman Shelomith
  Bankruptcy Attorneys

  2699 Stirling Road, Suite C401
  Fort Lauderdale, FL 33312
  Phone: 954-920-5355
  Fax: 954-920-5371



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