Opinion
Case No.: 08-12446-TJC.
November 21, 2008
Edward C. Christman, Jr., Towson, MD, Attorney for Respondents.
Merrill Cohen. bethesda, Maryland, Attorney for Movant.
STIPULATION AND ORDER REGARDING MOTION TO LIFT STAY FILED BY WELLS FARGO FINANCIAL MARYLAND, INC.
Tanya Thomas and DeCarl Thomas, the respondents herein, by and through their attorney, Edward C. Christman, Jr., and Wells Fargo Financial Maryland, Inc. ("Wells Fargo"), by and through its attorney, Merrill Cohen, hereby stipulate and agree as follows:
1. The automatic stay provisions set forth in 11 U.S.C. 362(a) and the co-debtor stay of 11 U.S.C. Section 1301 are hereby deemed lifted to permit Wells Fargo to enforce its security interests to repossess and dispose of, if necessary, the debtors' 2002 Ford Excursion, S.N. 1FMSU43F72EB88084 (the "subject vehicle").
2. Wells Fargo agrees not to enforce its rights under its security interest and agrees to stay execution of this order provided that the debtor shall cure the post-petition, pre-confirmation arrears arrears of $1,350.14, which arrears include the legal fees and costs incurred by Wells Fargo in the amount of $550.00 in connection with this Motion, in five (5) equal payments of $270.02 to be paid on: December 10; January 10, 2009; February 10, 2009; March 10, 2009; and April 10, 2009. In addition, the debtor acknowledges that she is in default under the payments due to the Chapter 13 Trustee under the terms of her confirmed Chapter 13 Plan. The debtor agrees that she will file a modified Chapter 13 Plan on or before December 14, 2008, to cure such default.
3. In the event that the debtor defaults in making any payments as set forth herein, fails to file the modified Chapter 13 plan as provided herein, the Court fails to confirm the debtor's modified Chapter 13 plan, or defaults in any other provision of the retail installment sales contract with Wells Fargo for the purchase of the subject vehicle, including, but not limited to, the provision requiring the debtors to maintain insurance on the vehicle naming Wells Fargo as loss payee, Wells Fargo shall provide to the debtors, and their counsel, written notice of breach of this stipulation. Such written notice shall specify the nature of the breach.
4. That ten (10) days following the mailing of such written notice to the debtors and their counsel that the debtors have defaulted under the terms of this Stipulation and Order, and unless such default has been cured by the debtors within such ten (10) day period, Wells Fargo shall be entitled to repossess and dispose of, pursuant to applicable law, the subject vehicle, without further notice, hearing, or order of Court.
5. In the event that the debtors default under the terms of this Stipulation and fail to cure such default pursuant to paragraph four (4) herein, the debtors agree to immediately return to Wells Fargo the subject vehicle.
SO ORDERED
Notice Recipients
Recipients of Notice of Electronic Filing: Recipients submitted to the BNC (Bankruptcy Noticing Center):
District/Off: 0416-0 User: tmeany Date Created: 11/21/2008 Case: 08-12446 Form ID: pdfparty Total: 5 tr Timothy P. Branigan cmecf@chapter13maryland.com aty Edward C. Christman, Jr. christman-fascetta@bankruptcymd.com aty Merrill Cohen merrillc@cohenbaldinger.com TOTAL: 3 db Tanya T Thomas 17 Park Square Drive Indian Head, MD 20640 DeCarl Thomas 17 Park Square Drive Indian Head, MD 20640 TOTAL: 2