In re Cantu: Timing Can Be Everything in Bankruptcy

Marco and Roxanne Cantu filed for chapter 11 relief, along with their wholly owned corporation, Mar-Rox Inc, after facing foreclosure on a number of their real estate holdings. At the time of the bankruptcy filing, the Cantus, individually and through Mar-Rox, owned approximately $24.4 million in re...

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Bibliographic Details
Published inAmerican Bankruptcy Institute journal Vol. 34; no. 8; p. 38
Main Authors Costella, Richard L, Siracusa, Kristen M
Format Journal Article
LanguageEnglish
Published Alexandria American Bankruptcy Institute 01.08.2015
Subjects
Bankruptcy reorganization
Debt
Debtors
Federal court decisions
Federal courts
Foreclosure
Injuries
Law firms
Legal malpractice
Personal bankruptcy
Petitions
Secured loans
State court decisions
State laws
United States > US
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Summary:Marco and Roxanne Cantu filed for chapter 11 relief, along with their wholly owned corporation, Mar-Rox Inc, after facing foreclosure on a number of their real estate holdings. At the time of the bankruptcy filing, the Cantus, individually and through Mar-Rox, owned approximately $24.4 million in real estate. The Cantus also had more than $37.4 million in secured debt and more than $10.7 million in unsecured debt. Mar-Rox's secured debt exceeded $20.9 million. Seven months into the chapter 11 cases, a number of creditors moved to convert the cases to chapter 7, and the bankruptcy court granted the motion to convert on the basis that the reorganization plan submitted by the debtors was not confirmable. Section 541 of the Bankruptcy Code provides that property of the estate includes all legal or equitable interest of the debtor in property as of the commencement of the case.
ISSN:1931-7522