💥What Is a Cramdown?
💥TOPICS FOR OUR LEGAL ENGLISH COURSES (INSOLVENCY)
💥A cramdown is the imposition of a bankruptcy reorganization plan by a court despite any objections by certain classes of creditors. A cramdown is often utilized as a part of the Chapter 13 bankruptcy filing and involves the debtor changing the terms of a contract with a creditor with the help of the court. This provision reduces the amount owed to the creditor to reflect the fair market value of the collateral that was used to secure the original debt.
💥A cramdown provision (also known as “cram-down”) is primarily used on certain secured debts, such as a car or furniture. Cramdowns are not permitted on mortgages for homes that serve as a primary residence.
💥Outlined in Section 1129(b) of the Bankruptcy Code, the cramdown provision allows a bankruptcy court to ignore the objections of a secured creditor and approve a debtor’s reorganization plan as long as it is “fair and equitable.”
✨If you liked this tutorial, you might read LEGAL ENGLISH TUTORIAL: How to Prepare a Statement of Defense.
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