Minnesota Real Estate Bankruptcy Lawyer
The bankruptcy code provides special treatment for single asset real estate debtors. One of the major difficulties facing the single asset real estate chapter 11 debtor is that the exclusive period for proposing a plan or reorganization has been reduced from 120 days to 90 days. With less time to file a plan of reorganization with the bankruptcy court it is important to for the DIP to have a good grasp of their financial situation and have good cash flow to finance a plan or reorganization.
A single asset real estate DIP will also need a current appraisal of their real estate to present to the court to get approval through a cash collateral motion to use the rents or other monies collected from the property to fund the operation of the real estate.
The key to a successful single asset real estate bankruptcy is making sure the real estate has the potential to turn around by increasing the revenue to begin paying all the bills coming due on the property.
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Use our online submission form to tell us briefly about your case so that our lawyers and attorneys can get in touch with you to discuss your Minnesota Bankruptcy Chapter 7, Chapter 11, or Chapter 13 case.
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