MARK MEYER

 MD BAR 15070 

ROSENBERG & ASSOCIATES, LLC 

7910 WOODMONT AVENUE

SUITE 750 

BETHESDA, MARYLAND 20814 

301-907-8000 

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE EASTERN DISTRICT OF VIRGINIA 

Located in Richmond

IN RE 

 

 William Lee Anderson Case No. 16-33005-KRH

 aka New Beginnings Homes, LLC Chapter 13 

 Debtor 

____________________________________________________________________ 

OBJECTION TO CONFIRMATION OF CHAPTER 11 PLAN

COMES NOW, BRANCH BANKING AND TRUST COMPANY by Counsel, and for its 

Objection to Confirmation of the Chapter 11 Plan filed by the debtor states as follows: 

1. The bank is a secured creditor of the debtor pursuant to a Deed of Trust dated 

February 13th, 2003 which secures a Mortgage Note to real property of the 

Debtors located at 6233 Lakeside Avenue Richmond VA 23228. 

2. As of the date of filing, the lender was owed approximately $51,439.59 of which 

$8,936.90 are the pre-petition arrears. 

3. Debtor plan proposes to modify the terms of the promissory note by reducing the 

interest rate from 9.375% to 6.00%. 

4. Branch Banking and Trust Company objects as the balance of its debt as stated 

in the plan is $46,043.00 instead of $51,439.59. 

5. Branch Banking and Trust Company objects to confirmation and the proposed 

modification of the interest rate and loan terms for the following reasons:

a. The proposed rate of 6.00% is not reasonable and does not comply with 

Till v. SCS Credit Corp., 541U.S. 465, 124 S.Ct. 1951, 158 L.Ed. 2d 787 (2004) in that 

the proposed interest rate of 6.00% is not the market rate which is available to a chapter 

13 debtor. 

Case 16-33005-KRH Doc 14 Filed 07/26/16 Entered 07/26/16 15:14:38 Desc Main

 Document Page 1 of 3
MARK MEYER

 MD BAR 15070 

ROSENBERG & ASSOCIATES, LLC 

7910 WOODMONT AVENUE

SUITE 750 

BETHESDA, MARYLAND 20814 

301-907-8000 

 b. The plan fails to address payment of escrow amounts for hazard insurance for 

the subject loan. 

 c. The proposed plan payments of $300.00 per month are not feasible as the 

Debtor’s schedules show negative net income of $2,605.00. 

 d. The proposed additional and majority funding of the plan of lump sum payments 

based on future sales of property is speculative at best. 

WHEREFORE, Branch Banking and Trust Company requests that this honorable court 

deny confirmation of the Chapter 13 plan and for such other and further relief as this court 

deems just and proper. 

 

Respectfully Submitted, 

 ROSENBERG & ASSOCIATES, LLC 

 

/s/ Mark D. Meyer

 Mark D. Meyer, #74290 

 4340 East West Highway, Suite 600 

 Bethesda, Maryland 20814 

(301) 907-8000 

 

Case 16-33005-KRH Doc 14 Filed 07/26/16 Entered 07/26/16 15:14:38 Desc Main

 Document Page 2 of 3
MARK MEYER

 MD BAR 15070 

ROSENBERG & ASSOCIATES, LLC 

7910 WOODMONT AVENUE

SUITE 750 

BETHESDA, MARYLAND 20814 

301-907-8000 

CERTIFICATE OF SERVICE

 I HEREBY CERTIFY that on Tuesday, July 26, 2016 a copy of the foregoing 

Objection to Plan was served via first class postage prepaid, or electronic email, to the 

following: 

Suzanne E. Wade, Trustee

P.O. Box 1780 

Richmond, VA 23218 

 

James H. Wilson, Jr., Esquire 

4860 Cox Road, Suite 200 

Glen Allen, VA 23060

William Lee Anderson 

aka New Beginnings Homes, LLC

6233 Lakeside Avenue 

Richmond, VA 23228 

 

 /s/ Mark D. Meyer

 Mark D. Meyer 

 

Case 16-33005-KRH Doc 14 Filed 07/26/16 Entered 07/26/16 15:14:38 Desc Main

 Document Page 3 of 3