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In re Espinoza

In re Espinoza

Ruling
Plan proposing "step up" in monthly payments to secured creditor could not be confirmed.
Procedural posture

After debtors, a married couple, sought confirmation of their proposed chapter 13 plan, a secured creditor filed an objection claiming that the plan was not properly confirmed because it failed to provide for "equal monthly payments" in an amount sufficient to adequately protect the creditor's interests during the term of the plan. At issue was whether, notwithstanding that objection, the plan complied with 11 U.S.C.S. § 1325(a)(5)(B)(iii)(I).

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Consumer opinion summary, case decided on August 01, 2008 , LexisNexis #0808-120