Cramdown in Chapter 13 Bankruptcy
Cramdown in Chapter 13 Bankruptcy is a process by which the court can confirm a reorganization plan that pays creditors less than what they are owed. In order to be eligible for cramdown, the debtor must have filed for bankruptcy under Chapter 13 and have proposed a plan that pays creditors over a three- to five- year period. The court will only confirm the plan if it finds that the plan is fair and equitable to all parties involved.
Creditors may object to the confirmation of a plan if they believe that they are not being treated fairly. If the court agrees with the creditor's objection, the debtor may need to modify their plan. However, if the court finds that the creditor's objection is frivolous, the debtor may be able to recover their attorney's fees from the creditor.
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