The matter before the Court is a motion for relief from the automatic stay filed by a creditor. Because the debtor is a single asset real estate debtor, as defined by 11 U.S.C. § 101(51B), the creditor's motion for relief from the automatic stay must be granted under 11 U.S.C. § 362(d)(3) unless the debtor has either: (a) filed a plan of reorganization that has a reasonable possibility of being confirmed within a reasonable time or (b) commenced monthly payments that are in an amount equal to the interest at the then applicable non-default contract rate of interest on the value of the creditor's interest in the real estate. The debtor has made no post-petition payments to the secured creditor and debtor’s plan does not have a reasonable possibility of being confirmed within a reasonable time. Accordingly, the Court granted the creditor's motion for relief from the automatic stay.
Judge:
Date:
Friday, March 14, 2008
Category:
Automatic Stay
Relief from Stay
Chapter:
11