In Re Johnson

DECISION DENYING CONFIRMATION OF CHAPTER 13 PLAN

BURTON PERLMAN, Bankruptcy Judge.

This is a Chapter 13 case under the Bankruptcy Code which came on for a meeting of creditors pursuant to 11 U.S.C. § 341 and confirmation hearing. Debtors filed a plan proposing to pay Sears and Roebuck Company, the only secured creditor listed, a monthly payment of $34.00 and valued the security of the Sears transaction at $400.00. The plan otherwise provided for a 10% payment to unsecured creditors. The plan proposes a monthly payment of $55.00. At the confirmation hearing, counsel estimated that the plan would…