IN RE RUANE

Bankruptcy No. 81-01195G, Adv. No. 81-0782G.

15 B.R. 87 (1981)

In re Michael and Donna Marie RUANE, Debtors. FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF PHILADELPHIA, Plaintiff, v. Michael E. RUANE and Donna M. Ruane and James J. O'Connell, Trustee, Defendants.

United States Bankruptcy Court, E.D. Pennsylvania.

October 20, 1981.


Attorney(s) appearing for the Case

Joseph F. Mikolaitis, Philadelphia, Pa., for plaintiff, First Federal Savings and Loan Association of Philadelphia.

Sidney D. Rosenblatt, Philadelphia, Pa., for defendant, Michael E. Ruane and Donna M. Ruane.

James J. O'Connell, Philadelphia, Pa., Trustee.


OPINION

WILLIAM A. KING, Jr., Bankruptcy Judge:

The issue presented is whether the plaintiff is entitled to relief from the automatic stay provisions of § 362(a) of the Bankruptcy Code ("the Code") to permit it to proceed with mortgage foreclosure against the residence of the defendants/debtors. We conclude that the plaintiff is entitled to the requested relief because the debtors lack equity in their property and because the debtors have failed to...

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