Art of Decoration, Inc., submitted a Second Amended Disclosure Statement.
The Plan provides for the sale of the property located at 46 Bergen Street, Enlewood NJ 07631, pursuant to the order entered on March 31, 2020 by the Bankruptcy Court for the District of New Jersey, approving the sale of the property pursuant to the terms of a contract of sale dated February 14, 2020. the secured creditor PNC bank, national association, the holder of the first mortgage on the property, is expected to be paid in full, from the proceeds of the sale, in accordance with the payoff amounts provided by said creditor.
The related cases of Leonid Levitsky and Natalia Bevz, shall provide for identical treatment of the PNC claim, as the claim is a joint and several obligation of the debtor with the spouses Natalia Bevz and Leonid Levitsky, against the premises occupied by the debtor.
The Plan treats claims as follows:
* Class I (Secured Claims) consists of the claim of secured creditor PNC Bank, National Association in the amount of $428,649.10. The plan offers the secured creditor PNC Bank, National Association a payment in full, of the final payoff amounts of both loans, which are estimated to be $423,846.39, from the sale of the property located at 46 Bergen Street, Enlewood NJ 07631, in full and final satisfaction of the loan. This class is impaired.
* Class II (Unsecured claims) consists of the claims of general unsecured creditors in the Debtor’s case totaling approximately $6,460. The Debtor proposes to pay 100% dividend of their allowed claims in lump sum payment upon the Effective Date of this Plan. This class is impaired.
The Plan will be financed from the generated business income and personal contributions by Leonid Levitsky from his psychiatry practice operations.
A full-text copy of the Disclosure Statement dated July 13, 2020, is available at https://tinyurl.com/yd72ny7r from PacerMonitor.com at no charge.
Attorney for Debtor:
Alla Kachan, Esq.
Law Offices of Alla Kachan, P.C.
3099 Coney Island Avenue, 3rd Floor
Brooklyn, New York 11235
Telephone (718) 513-3145
Facsimile (347) 342-3156
About Art of Decoration
Art of Decoration, Inc., is a corporation located at 46 Bergen Street Englewood, NJ 07631. In order to address the few accumulated unsecured debts and mainly to resolve the joint and several liabilities under the mortgage on the premises, Art of Decoration filed a voluntary Chapter 11 petition (Bankr. D.N.J. Case No. 18-21351) on June 4, 2018, and is represented by Alla Kachan, Esq.