Division 1 Proposal
April 2nd, 2008 by Questions
I have recently submitted a Division 1 proposal for a debt to 4 creditors:
-creditor A: $5,000
-creditor B: $3,000
-creditor C: $18,000
-creditor D: $206,000
Creditors A,B,C submitted profer Proof of Claims, and B & C both accepted, so TECHNICALLY 2 out of 3 creditors accepted with over 80% of the dollar amount for those 3 creditors….
However, creditor D (who I owe the MOST to) did NOT submit proper documentation, but did say they wanted to vote no. My trustee says that `On Paper` my proposal passes, but now has to be ratified in court…
I really want to avoid bankruptcy, and am rather upset that Creditor D did not show up to negotiate at the Meeting of the Creditors, as I would have been willing to change terms of the proposal in their favor to avoid bankruptcy… What are my options on the day of the court hearing?