In re Henderson

395 B.R. 893 (2008)

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In re Henderson

United States Bankruptcy Court for the District of South Carolina
395 B.R. 893 (2008)

AR

Facts

William Worthy was the trustee for the Maude H. Henderson and Daniel S. Henderson, IV Irrevocable Trust (Henderson) (defendant). The only asset of Henderson was a piece of real property. First Citizens Bank (First Citizens) held the first and second mortgage on the property, and the debt owed by Henderson on the property was over $2 million. Henderson failed to make mortgage payments, and First Citizens attempted to sell the property in a foreclosure sale. Worthy filed for Chapter 11 bankruptcy protection, automatically staying the foreclosure sale. The automatic stay was lifted, and First Citizens tried to sell the property in another foreclosure sale. Worthy filed for Chapter 11 again, and another automatic stay was granted. First Citizens asked that the automatic stay be lifted. First Citizens argued that Worthy had paid only $7,000 to First Citizens, that Henderson’s debt outweighed the value of the property, that the value of the property had decreased, that Henderson’s debt had increased, that no professional had been hired to attempt to lease the property, and that Worthy admitted that the property could not generate sufficient income for adequate protection payments to First Citizens.

Rule of Law

Issue

Holding and Reasoning (Waites, J.)

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