On May 3, 2018, me and my co-counsel confirmed a Chapter 11 plan of reorganization in a case entitled In re Jeffrey Charles Hatfield, Case No. 2:17-bk-16964-NB.
Mr. Hatfield had over $4 million dollars in business and personal debt after his business venture turned sour, leaving him with millions of dollars of personal guaranty on business debt, in addition to personal debt.
Under his confirmed plan, he was able to keep all of his assets, including his luxury Marina Del Rey condo, and pay back only .67% of his general unsecured debt of approximately $3.3 million. In other words, he is paying approximately $22,110 total over 60 months ($368.50/month) on over $3.3 million dollars of debt. That is less than 1%!
Needless to say, we are happy that the client is happy, and can finally move forward with his life after getting the fresh start he deserves.