In re Thornhill

AMENDED ORDER DENYING DEBTORS’ MOTION TO CONFIRM SECOND AMENDED CHAPTER 13 PLAN AND DENYING MOTION TO VALUE COLLATERAL

The Debtors’ motions to confirm their second amended chapter 13 plan and to value the collateral of R & N Enterprises were argued before the court and taken under submission on September 5, 2001. D. Max Gardner, Esq. appeared on behalf of the Debtors. Frank P. Samples, Esq. appeared on behalf of objecting creditor R & N Enterprises (“R & N”). Also present was the chapter 13 trustee, M. Nelson Enmark. The trustee’s separate objection to confirmation and motion to dismiss, based on the Debtors’ failure to file their *572 1999 and 2000 tax returns, were withdrawn at the hearing upon the Debtors’ representation that those tax returns have now been filed. The trustee supports confirmation on the condition that the term of the proposed plan be extended from 36 months to 60 months. For reasons set forth below, both of the Debtors’ motions are denied. This order contains the court’s findings of fact and conclusions of law.

Objection to Confirmation

R & N objects to confirmation of the second amended chapter 13 plan on the grounds, inter alia, that (1) the plan is not…