Can an owner live on property during a Chapter 11?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can an owner live on property during a Chapter 11?
My daughter is considering a Chapter 11. She owns units, 1 commercial, and a 2-bedroom unit, 1 of which is being worked on to be approved by the city as a unit. This is 1 parcel. Would she be allowed to live on property during the process of bankruptcy and cramdown?
Asked on June 18, 2012 under Bankruptcy Law, California
Answers:
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 12 years ago | Contributor
Sure, why wouldn't she? Maybe I'm not understanding your question. Are you asking if bankruptcy law prohibits it, or zoning laws? Most bankruptcy cases filed which have mortgages going through a cramdown or lien stripped have the owner residing in the property. Bankruptcy doesn't require one to move out of their property (or prevent one from moving into a property).
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.