First Valley Bank v. Brown (In Re Brown)

OPINION AND ORDER

THOMAS C. GIBBONS, Bankruptcy Judge:

The plaintiff, First Valley Bank, initiated this adversary proceeding under § 362(d) of the Bankruptcy Code for relief from the automatic stay imposed by § 362(a) following the debtors’ filing of a petition under Chapter 7 of the Code on January 29, 1981. The plaintiff requests a modification of the stay in order to repossess the debtors’ automobile due to the debtors’ default on an automobile financing agreement.

The facts are as follows. The debtors purchased a 1978 model automobile from Ranken Pontiac (Ranken) on September 21, 1978. In…