Tindaro S. Bisbano and Charlene R. Krause

1. We note that the Notice of Appearance filed by Paul H. Herbein, Esquire, counsel for Debtor, on October
20, 2005 indicates that Mr. Herbein is only representing Debtor, Tindaro S. Bisbano in connection with the
motion filed by Equity One which is presently before us. We further note that Debtor, Charlene R. Krause,
has not filed a response to Equity One’s motion and we therefore must assume that she is not opposing this
motion.
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF PENNSYLVANIA
In re:
TINDARO S. BISBANO and 	: 	Case No. 04-26434T
CHARLENE R. KRAUSE,
Debtor(s) 	:
:
ORDER
AND NOW, this 	4 th day of January, 2006, upon consideration of the Motion filed
by Equity One, Inc. (“Equity One”) to Obtain an Order Reopening Bankruptcy Case and Annulling
Automatic Stay, the Answer thereto filed by Debtor, Tindaro S. Bisbano (“Mr. Bisbano”) 1 and the
Stipulation of Facts and briefs filed by counsel for Equity One and counsel for Mr. Bisbano, it is
ORDERED that Equity One’s Motion is hereby GRANTED and this bankruptcy case is hereby
REOPENED for the limited purpose of permitting this court to enter this Order annulling the
automatic stay in order to retroactively validate and confirm the foreclosure sale which was held on
May 6, 2005 and the May 23, 2005 delivery and subsequent recording of the Sheriff’s Deed as the
court finds that annulment of the automatic stay and retroactive validation and confirmation of the
foreclosure sale and delivery and recording of the Sheriff’s deed are warranted in this case since:
(1) Equity One did not have notice of this bankruptcy filing since Debtors failed to list Equity One
as a creditor in the Schedules that they filed in this bankruptcy case and Debtors failed to list their
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2. 	Debtors have no equity in the property in question since the fair market value of the property is
$130,000.00 and the foreclosure judgment entered in favor of Equity One was $188,595.22. See Stipulation
of Facts, ¶¶15, 16, 17. (Paragraph 17 of the Stipulation of Facts states that if Debtors intend to dispute the
valuation of the property they were to provide the Court with an expert valuation within ten days of the date
of the Court’s approval of the Consent Order. The Consent Order was entered on October 31, 2005 and
Debtors have yet to provide the Court with an expert valuation of the property. Accordingly, we find that
Debtors do not dispute that the fair market value of the property in question is $130,000.00). We further find
that the property in question is not necessary to an effective reorganization. First, Mr. Bisbano is not listed
on the deed as an owner of the property in question. Only Ms. Krause and Maria Bisbano (Mr. Bisbano’s
mother, who is not a debtor in this bankruptcy case) are so listed on the deed and neither Ms. Krause nor Mrs.
Bisbano are contesting Equity One’s motion to reopen and annul automatic stay. Second, the chapter 13
Trustee’s motion to dismiss this case with prejudice due to Debtors’ failure to attend the section 341 meeting
and due to Debtors’ failure to make plan payments was granted by Order entered on June 23, 2006.
3. The foreclosure complaint was filed by Equity One due to Ms. Krause and Mrs. Bisbano’s default on the
mortgage. See Stipulation of Facts, ¶1. In addition, the chapter 13 Trustee filed a motion to dismiss this case
with prejudice on May 11, 2005 due to Debtors’ failure to make plan payments and Debtors’ failure to attend
the section 341 meeting. The Trustee’s motion to dismiss this case with prejudice was granted on June 23,
2005.
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interest in the property in question in said Schedules; and (2) retroactive relief from the automatic
stay is warranted under 11 U.S.C. §362(d)(1) and (2) since: (a) Debtors lacked equity in the property
in question; 2 and (b) Equity One’s interests were not adequately protected.3 In re Siciliano, 13 F.3d
748, 751-52 (3rd Cir. 1994).
IT IS FURTHER ORDERED that the automatic stay is hereby RETROACTIVELY
ANNULLED with respect to the foreclosure sale of the property known as 1102 Nicholls St.,
Reading, PA 19604 held on May 6, 2005, the May 23, 2005 delivery of the Sheriff’s deed to the
property known as 1102 Nicholls St., Reading, PA 19602 to Equity One and the subsequent
recording of the Sheriff’s Deed to that property with the Berks County Recorder of Deeds in Book
4586 of Deeds at page 0579.
IT IS FURTHER ORDERED that the foreclosure sale of the property known as 1102
Nicholls St., Reading, PA 19604 held on May 6, 2005 is hereby RETROACTIVELY VALIDATED
AND CONFIRMED.
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IT IS FURTHER ORDERED that the May 23, 2005 delivery of the Sheriff’s deed
to the property known as 1102 Nicholls St., Reading, PA 19604 to Equity One is hereby
RETROACTIVELY VALIDATED AND CONFIRMED.
IT IS FURTHER ORDERED that the recording of the Sheriff’s Deed to the property
known as 1102 Nicholls St., Reading, PA 19604 with the Berks County Recorder of Deeds in Book
4586 of Deeds at page 0579 is hereby RETROACTIVELY VALIDATED AND CONFIRMED.
IT IS FURTHER ORDERED that, provided no party appeals this Order, the Clerk
shall forthwith close this case, without further notice, hearing or Order of this Court, upon the
expiration of the ten (10) day appeal period.
Reading, PA
THOMAS M. TWARDOWSKI
United States Bankruptcy Judge
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