Elgin State Bank v. Cowsert (In Re Cowsert)

FINDINGS AND CONCLUSIONS

JOSEPH A. GASSEN, Bankruptcy Judge.

This adversary proceeding came to trial on the first count only of plaintiff Elgin State Bank’s complaint. That count seeks relief from the automatic stay of 11 U.S.C. § 362(a) so that Elgin State may continue with its state court foreclosure action against a condominium unit owned by the debtors.

Another complaint to lift stay, Adversary Case No. 81-0159-BKC-JAG-A, tried shortly after this case, was filed by Elgin National Bank, another creditor. Both cases involve the same set of creditors and debts, and were tried by the same…