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Cram Down

The term cramdown in a bankruptcy proceeding refers to the action of a court in which the bankruptcy court orders that a plan be approved over the negative vote of a specific class of dissenting creditors. A cramdown may occur in a chapter 11 bankruptcy proceeding, where a plan for debt reorganization is decided upon, allowing a debtor to hold on to his or her assets and pay off their creditors according to an approved bankruptcy payment plan. A cramdown may also occur in a Chapter 12 or a chapter 13 filing, which also allow for payment plans to a debtor's creditors. Creditors may object to or oppose a plan, though in some cases a court may approve the plan anyway, thus enforcing a cramdown.

Fast Facts

  • Bankruptcies peaked at two million filings in 2005.
  • There were 102,000 total bankruptcy filings in February 2009.

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