Ramco Industries v. Preuss (In Re Preuss)

OPINION

HUGHES, Bankruptcy Judge.

Rameo Industries appeals from an order denying its application for relief from the automatic stay of 11 U.S.C. § 362(a) which arose when debtors filed their Chapter 7 cases. There being no equity in the property subject to appellant’s lien, we reverse. 11 U.S.C. § 362(d)(2)(A).

I

Ervin and Dorothy Preuss entered into a land sales contract with their son Dale on January 2, 1977. The property was valued at $38,000. Dale agreed to pay $8000 down and $208 each month for 30 years. Title was to pass oil completion of payments after 30 years or, at the buyer’s option,…