General Motors Acceptance Corp. v. Willis (In Re Willis)

OPINION AND ORDER

RICHARD L. MERRICK, Bankruptcy Judge.

This cause arose on a motion of General Motors Acceptance Corporation (hereinafter “G.M.A.C.”) that the confirmation of a Chapter 13 plan be vacated because the Court refused to approve as being excessive a priority stipulation respecting a 1979 Buick Riviera. The particular significance of this claim is that the plan proposes to pay secured creditors 100% of their claims in contrast to 10% for unsecured creditors, over a period of fifty-three months. The plan affords a second priority to an automobile security, which becomes a first…