Can an owner live on property during a Chapter 11?

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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 9 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).

 


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