After the inicial activity upon notice of a bankruptcy filing has waned, you must continue to monitor the case. Only then will you be prepared to petition the Court for relief from the automatic stay as soon as possible or proceed with the foreclosure of the asset when the bankruptcy would be resolved. Ongoing monitoring involves evaluating the proposed repayment plan, keeping track of payments under the confirmed plan, and conducting periodic property inspections
EVALUATE THE REPAYMENT PLAN
Under chapter 11 and 13 bankruptcies, the borrower may propose a repayment plan for the Court's consideration. You (along with all the creditors) will be given an opportunity to EVALUATE and RESPOND to the plan BEFORE it will be confirmed.
OBTAINING NOTICE of CONFIRMATION HEARING and PROPOSED REPAYMENT PLAN
Approximately two weeks after you receive notice of a Chapter 13 bankruptcy filing, you should receive a notice of confirmation hearing (when the Court will decide whether the proposed plan should be confirmed) AND a copy of the borrower's proposed repayment plan. If the repayment plan is missing, you should request one IMMEDIATELY.
Luigi Mario FRASCINI
WARNING:This message contains information which may be confidential and privileged. Unless you are the addressee (or authorized to receive for the addressee),you may not use, copy or disclose to anyone the message or any information contained in the message. If you have received the message in error, please advise the sender by reply e-mail at firstname.lastname@example.org, and delete the message. IRS Circular 230 Disclosure: To ensure compliance with Treasury Department Regulations, we advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions or (ii) promoting, marketing or recommending to another party any tax-related matter addressed herein. This information has been provided with the understanding that ANY and ALL questions regarding legal advise and ANY other professional services SHOULD BE DIRECTED to a qualified professional who specializes in such services.
Luigi M. Frascini
Thank you, LM F α<> Ω (714) 296-3364 email@example.com