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I had a client with several properties located in Las Vegas. The goal was to keep the properties even though they were all delinquent with lenders. Properties were "crammed down" in the bankruptcy case. I successfully filed a Motion to Value (appraisals as evidence of value). Values were "marked down" to current market value. Similarly, I negotiated interest rates as well as amounts to be paid. Reorganization of Chapter 11 was possible because amounts owed as well as the monthly cost of each property were significantly reduced. Therefore, rent(s) received was able to pay for the "new" cost of the mortgage.
My client was catching up his house through Chapter 13 bankruptcy. The COVID-19 pandemic caused my client's income to be drastically reduced as his hours were decreased.I was able to use the Cares Act to extend the time of bankruptcy up to seven years. This specific provision had a limited time period. However, in general, Chapter 13 bankruptcies can be adjusted to meet the needs of clients when circumstances change.
My client was sued for six-figure liability in regard to equipment associated with business. In court, we argued that the opposing party had breached agreement because of certain conditions which were not done. Moreover, our opposition directly contradicted accounting by the opposing party. The end result was that my client was able to pay a small percentage of the claim for full release of liability.
Corey Beck has been practicing law in Las Vegas for nearly 20 years. He is a trusted expert in the practice areas of business law, bankruptcy, personal injury, and criminal law.
