Gehrs v. Crosthwait (In Re Crosthwait)

MEMORANDUM OPINION AND ORDER

JOEL PELOFSKY, Bankruptcy Judge.

Plaintiff is a secured creditor who seeks a lift of the stay to allow him to repossess the collateral or to be adequately protected. Debtor answered by general denial, by asserting that plaintiff had adequate protection in that the value of the property far exceeded the debt and that the collateral was necessary to his effective reorganization.

At the hearing the parties appeared in person and by counsel. Evidence was heard and the matter taken under advisement.

Debtor borrowed $24,000 from plaintiff in October of 1978 giving a note…