How We Reorganized an Insurance Agency and Eliminated Two Mortgages

September 30th, 2013

Macdonald Fernandez LLP confirmed a chapter 13 plan, reducing the insurance brokerage's debt to less than $100 per month and eliminating two junior mortgages.

The Company:
A San Francisco Bay Area insurance agency.

The Problem:
A local insurance agency was owned and operated in the name of an individual. The client suffered from excessive business and personal debt.

The Solution:
We simultaneously reorganized the insurance agent's personal and business affairs and stripped off two junior mortgages (home equity lines of credit) from his home.

We were able to convert the case to chapter 13 bankruptcy reorganization over the objection of the trustee, who would have taken our client's renewal commissions.

The Impact:
Macdonald Fernandez LLP restructured and reduced payments on this client's business debt to less than $100 per month and placed the client in a position to gain equity in his home.