Chapter 11 question on commercial property note

[Bob Malecki]

I'm reviewing a 1st position NPL on a commercial property in WA. Found that there are >$23K in unpaid prop taxes with the county. Called the county and was told that there is a BK filing. Looked up the borrower on Pacer and found they filed Chapter 11 in 2012. 

I'm not too familiar with BK 11 but as I understand it is similar to 13 but a business filing, is this correct? Bottom line, if I were to buy this note and wait out the final outcome on the BK process, would I expect to get payments on the note as well as the arrearages? What happens to the unpaid prop taxes? Any help or point me to an online resource to learn more is appreciated. 

Bob

[Mike Hartzog]

Hey Bob - CH11 is available to individuals but typically CH13 is a better choice.  It's used primarily by businesses.  It's like CH13 in that it is not a liquidation, however, the mechanics are different.  Essentially, the debtor business reorganizes and operates the business as a fiduciary for the benefit of creditors, and there is usually a committee of creditors which must vote to approve the plan.  So I think one question to answer for yourself here is whether or not there is an approved plan.  That should be easy to determine on pacer.  Like Ch13, your lien may or may not have treatment under the plan.