Jay Vending, Inc. v. McGowan (In Re McGowan)

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The issue before us is whether a secured creditor is entitled to relief from the automatic stay in order to foreclose on the residence of the Chapter 13 debtors. We conclude that the secured creditor is not entitled to relief from the automatic stay because (1) the debtors have equity in the property, (2) the property is necessary to an effective Chapter 13 plan here, and (3) the debtors have offered to provide the secured creditor with adequate protection of its interest in the property.

The facts of the instant case are as follows: 1 In March, 1975,…