Buying a Non-Performing Note? What is my buyers options?

My buyer is interested in purchasing a commercial non-performing note but the owner has declared BK which has cancelled the trustee sale. Besides the obvious risks inherit in purchasing the note, what is the risk of purchasing the Note without the BK being dis-charged?!

Does anyone know?! I am assuming he becomes one of the creditors by replacing the lender on this note. Are there any other options!? Short sale is not an option since the owner is NOT cooperating.

Consult with a BK attorney on this one. As I understand it the BK court does not have the authority to force the lender on a SFR to accept a payment plan or reorganization of debt but I do not believe that is the case with a commercial loan. It would probably depend largely on how title is held and who is filing BK. Definitely do your due diligence on this one since the BK attorney could have the power of a “cramdown” that forces the note holder to accept a payment plan.