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Chapter 12 PlanPage 1

320 Morris Building23S. Wenatchee Ave, P.O. Box 2028

Wenatchee, WA. 98807-(509) 888-5272 Facsimile: (509) 662-1305

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THE HONORABLE FRANK L. KURTZ

ERIK S. BAKKE, SR., WSBA # 18476Bakke Law Group, PLLC320 Morris Building, 23 South Wenatchee Avenue

P.O. Box 2028Wenatchee, WA 98807-2028(509) 888-5272 Facsimile: (509) [email protected]

IN THE UNITED STATES BANKRUPTCY

EASTERN DISTRICT OF WASHINGTON

In re the Bankruptcy of

CLANCY & BRAD WHITE,d/b/ White Quarter Horses,

Debtors.

NO. 11-00079-FKL12

WHITEs CHAPTER 12

CLANCY and BRAD, ("debtors"), do hereby propose the following planunder Chapter 12 of the Bankruptcy Code:

I. DEFINITIONS

For the purpose of this Plan, the following terms shall have the respectivemeaning hereinafter set forth (such meanings to be equally applicable forboth the singular and the plural form of the terms hereinafter defined):

1.1 "Allowed Claim" shall mean a claim in respect to which a proof ofclaim has been filed with the bankruptcy court by the claims bar date of April11, 2011, and with respect to which no objections to the allowance thereofhas been interposed within the applicable period of limitation, or as to whichsuch objection has been determined by an Order or Judgment which is nolonger subject to appeal and as to which no appeal is pending.

1.2 "Allowed priority claim" shall mean the portion of an allowed claimentitled to priority under 11 U.S.C. 507.

1.3 "Allowed secured claim" shall mean an allowed claim which issecured by a lien on property of the debtors to the extent of the value of the

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mailto:[email protected]:[email protected]

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interest of the holder of such allowed claim against property of the debtor asdetermined by the Court pursuant to 11 U.S.C. 506(a).

1.4 "Bankruptcy Court" shall mean the United States Bankruptcy Court,Eastern District of Washington, which has jurisdiction over this case.

1.5 "Chapter 12" shall mean Chapter 12 of Title 11, United States Code.

1.6 "Claim" shall mean any right to payment, or right to an equitableremedy for breach of performance, if such breach gives rise to a right topayment against debtor in existence on or as of the petition date, whether ornot such right to payment to an equitable remedy is reduced to judgment,liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed,undisputed, legal, secured, or unsecured.

1.7 "Code" shall mean the Title 11 of the United States Code, and anyand all amendments thereto.

1.8 "Court" shall mean the United States Bankruptcy Court, EasternDistrict of Washington.

1.9 "Date of distribution" shall mean the date of payment as set forth indebtors' proposed budget attached to this Chapter 12 Plan.

1.10 "Debtors" shall beCLANCY and BRAD WHITE, the debtors of this

Chapter 12 proceeding.

1.11 "Disbursing Agent" shall mean the debtors' attorneys of the BakkeLaw Group, PLLC, and Erik S. Bakke, Sr.

1.12 "Judicial hen" shall mean a lien obtained by judgment, levy,sequestration, or other legal or equitable process or proceedings.

1.13 "Lien" shall mean a charge against or interest in property to securepayment of the debtors or performance of an obligation of the debtors.

1.14 "Net Sale Proceeds" shall mean the cash proceeds of a sale of realor personal property, after deducting the reasonable and customary costs ofsale, including, but not limited to, real estate or sales commission, escrow fee,title insurance, U.C.C. search fee, sales or excise tax, document preparationfee or the like.


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1.15 "Petition date" shall mean January 6, 2011.

1.16 "Plan" shall mean this Chapter 12 Plan and any and allamendments or modifications thereto.

1.17 "Real estate contract" shall mean lien.

1.18 "Security agreement" shall mean an agreement that creates andprovides for a security interest in property of the estate.

1.19 "Security interest" shall mean a lien created by an agreement andthat is otherwise perfected under applicable state law.

1.20 "Suppliers lien" shall mean a lien created by an agreement.

1.21 "Unsecured claim" shall mean an allowed claim of a creditor which isnot secured by a lien on property in which the estate has an interest. To theextent that the allowed claim of a creditor secured by a lien on property in whichthe estate has an interest exceeds the value of the creditor's interest or theestate's interest in such property, the claim is an unsecured claim.

II. DESCRIPTION OF THE PLAN2.1 Debtors own a ranch in Stevens County, Washington, just outside

Clayton, Washington. The ranch consists of the debtors homes, a stable andother various out buildings, together with corrals and an arena. In this plan,

debtor proposes to continue to raise some cattle together with the raising,training and boarding of horses, and to provide other equestrian services asneeded. All net income from debtors' ranch operations, after payment ofdebtors' living expenses, shall be paid to the Chapter 12 Trustee for distributionas otherwise provided for herein.

2.2 Background: Debtors primary source of income is derived from thebreeding, training, sales and showing of performance horses. In 2008 they had15-20 head of horses. By 2010 their mares used for breading, together with thehorses in training was reduced to levels they have never seen before. Their

sales also decreased as a result of the poor economy. People were just notspending money in areas of recreation, horses and horse training as they hadprior to 2009. Needless to say, their business experienced a substantial downturn in income. 2008 was the last year they enjoyed a profit from theiroperations. Presently they only have 5 head of horses in training. As if thedown turn of the economy wasnt enough, from the winter of 2009 to the spring


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of 2010, debtors saw a substantial increase in the cost of hay, the priceaveraging $225 per ton.

To counter the downturn in their business, debtors have increased theirmarketing of services, sales, training and breeding of horses, and have taken on

extra employment to increase their income.

In addition to the foregoing, the debtors ranch payments increased in Juneof 2009 from $1,100 a month to over $1,800 a month. This amount hasadmittedly been virtually impossible to make after the increase due to the downturn of the economy. Attempts to modify debtors mortgage terms with thelender, after numerous attempts failed, and the lenders servicer beganforeclosure proceedings. This bankruptcy was filed as a last attempt to savetheir range, modify the ranch mortgage payments to an amount that isaffordable, as well as continuing to rebuild their equestrian business.

2.3 This plan provides for the modification of debtors mortgage that issecured by debtors entire ranch. The modification will consist of reducing theinterest rate of the loan with the capitalization of past arrearages of principal andinterest. The delinquent escrow portion of their mortgage will be separatelyamortized over the five year term of the plan with interest. Debtors will be givencredit for post-petition adequate protection payments made prior to confirmation.There are no other secured claims provided by debtors plan.

2.4 There are no priority creditors or issues in this proceeding as all tax

returns and amounts owed have been submitted to the Internal RevenueService, and it is anticipated that the Internal Revenue Service will withdrawtheir proof of claim for estimated taxes in the amount of $1,000.00.

2.5 This plan provides for the full payment of Non-priority GeneralUnsecured Creditors with allowed claims. Said creditors shall receive monthlydividends payable through the Chapter 12 Trustee, in such amount asnecessary to pay this class of claims in full, without interest or penalty, by theend of the plan. The first dividend will be paid by the Trustee on or before 30days after confirmation of the plan. The monthly dividend is estimated to be inthe amount of $873.35, including the Chapter 12 Trustees fee. Attached as

Exhibit "A" is a Ranch Budget/Cash Flow Analysis evidencing sufficient incometo fund the proposed distribution to the unsecured creditors.

2.6 There are no cash collateral orders or issues in this proceeding.


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2.7 This Plan will become effective upon entry of an Order ConfirmingChapter 12 Plan.

III. CLASSIFICATION OF CLAIMS

The claims in these Chapter 12 proceedings shall be classified as follows:

3.1 Class 1. Class 1 shall consist of all administrative expensesAllowable under 11 U.S.C. 503, which consist of attorney fees incurred by thedebtors in these proceedings pursuant to the court's order approving theemployment of the BAKKE LAW GROUP, PLLC and ERIK S. BAKKE, SR., aswell as all costs associated with these proceeding. All administrative fees shallbe paid directly by the debtors after court approval of a fee application ascontemplated by 11 U.S.C. 330 or 331 as well as LBR 2016-1. Only attorneyfees incurred after confirmation will be the subject of a fee application. Only

costs incurred beyond the filing fee of this proceeding will be the subject of a feeapplication.

3.2 Class 2. Class 2 shall consist of the secured claim of GMACMortgage, LLC, servicer for Deutsche Bank Trust Company Americas astrustee for RALI 2005QA11.

3.3 Class 3. Class 3 shall consist of all general unsecured creditors whohave filed timely claims, and are otherwise allowed.

IV. TREATMENT OF CLAIMS AND INTERESTS

A. Administrative Claims

4.1 Class 1. The administrative expense for Debtors attorneys areallowed pursuant to 11 U.S.C. 503 (b) of the code and entitled to prioritypursuant to 11 U.S.C. 507 (a)(7) of the Code, only after the approval of a feeapplication is presented and approved by the court. The debtors' attorneys shallbe paid in full as soon as practicable after confirmation of the Plan and approvalby the court of attorneys fee application. Under no circumstance shall Debtorsattorneys be paid until all fees and costs have been approved by the Court.

4.2 Class 2. The secured claim of GMAC Mortgage, LLC (Lender),shall be paid by monthly payments to the Chapter 12 Trustee commencing 30days after confirmation as set forth below. This claim shall be bifurcated intotwo parts: 1) recapitalized principal and interest as of the date the case was


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filed, and 2) the past due escrow payments owed. Class 2 creditor is impairedunder the plan.

a. Debtors shall pay to the Chapter 12 Trustee $6,500 from their2010 Federal Tax Return within 30 days of confirmation. The trustee shall

disburse this amount after deducting the Trustees fee thereafter to the Lender.Recapitalized principal and interest after application of the initial payment of$6,500, shall be calculated from the date this case was filed at an annualinterest rate of 5.5%, and paid monthly to the trustee during the life of the plan insuch amount necessary to amortize the loan over 295 months, and continuingafter the plan has completed and discharged, until the loan is paid in full. Inaddition to the payment of principal and interest, debtors shall also pay to thetrustee such amount as is necessary to pay the current escrow payment forproperty taxes and insurance as set each year by the lender. It is estimated thatthe monthly payment of principal and interest is $1,347.21, plus the Trustees

fee as provided by law. This amount, together with an amount to cover thecurrent monthly escrow payments shall be paid by the debtors to the Chapter 12Trustee who will thereafter disburse said payment after deducting the Trusteesfee, to the Lender, beginning 60 days after confirmation and application of theinitial $6,500.00 payment referenced above.

b. The past due escrow amount shall be allowed interest from thedate this case was filed at an annual rate of interest of 3% per annum, and shallbe paid such amount as is necessary to amortize the total amount in full overthe 60 month life of the plan, plus the Trustees fee as allowed by law. It is

estimated that the monthly payment on the past due escrow shall be $120.17,plus the trustees fee, and shall be paid by the debtors to the Chapter 12Trustee who will thereafter disburse said payment to the lender.

4.3 Class 3. General non-priority unsecured claims will be paid alldisposable income of the debtor during the term of this Plan, as disposableincome is defined by 11 U.S.C, 1225 (b). Payments shall be distributed by theTrustee quarterly, or more frequently in the trustees discretion, during the termof this plan. Debtors shall make monthly payments equal to 1/60th of the totalamount of the allowed unsecured claims, beginning 30 days after confirmationof debtors plan, and the Trustees Fee shall be entitled to deduct his fee fromthe amount to be disbursed to Class 3 creditors. Class 3 creditors are impairedunder the plan.


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V. PROPERTY DEALT WITH UNDER THIS PLAN

5.1 The Plan shall deal with all of the debtor's property including, withoutlimitations, all of the debtor's tangible, intangible, real or personal property ofwhatever character, except as provided in 11 U.S.C. 1228 (a), and shall be,

except as provide in this Plan or the Order confirming this Plan, property of theestate vested in the debtor free and clear of claims or interests of any creditor orprovided for by this Plan pursuant to 11 U.S.C. 1227 (b).

VI. TERM OF PLAN

6.1 The term of the Plan shall be five (5) years.

VII. CHAPTER 12 TRUSTEE'S FEES

7.1 The Chapter 12 Trustee, Ford Elsaesser, was appointed a StandingChapter 12 Trustee on January 1, 2001. As such, the Trustee shall deduct fromfunds received, a percentage fee as fixed from time to time by the AttorneyGeneral, pursuant to 11 U.S.C. 586(e), on the amounts disbursed by saidTrustee. Said percentage is 10% as of January 1, 2001. All payments toimpaired creditors, as well as proceeds of the sale of any property, real orpersonal, after normal and customary costs of sale shall be paid through thetrustee.

VIII. EFFECTIVE DATE OF THE PLAN

8.1 The effective date of the Plan shall be the date of entry of the OrderConfirming Chapter 12 Plan.

IX. DATE OF DISTRIBUTION

9.1 Date of distribution, for all payments set forth in this plan, shall be asspecified above in each class of creditors.

X. LIQUIDATION ANALYSIS

10.1 The real property of the debtors is estimated to be worthapproximately $300,000.00. The personal property of the debtors is estimated tobe worth approximately $138,960.00. The secured claim of Lender isapproximately $214,586.01. The unsecured claims of creditors totalapproximately $47,208.00. Debtors claim $108,306.00 in real and personalproperty exemptions. Set out on Exhibit "B" attached hereto is the liquidation


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analysis of the estate. If the debtors' assets were liquidated, and if there wouldbe deducted therefrom all exemption amounts debtors would otherwise beentitled to, all non-priority general unsecured creditors would be paid in full.

XI. COMPLIANCE WITH CHAPTER 12

11.1 This plan complies with the provisions of Chapter 12 and all otherapplicable provisions of Title 11 of the United States Code. Any fee, charge oramount required to be paid under Chapter 12 of Title 11, or by the Plan, to bepaid before confirmation, has been or will be paid prior to confirmation. This planhas been proposed in good faith and not by any means forbidden by law.

XII. MODIFICATIONDAMENDMENT

12.1 This Plan may be modified as set forth in 11 U.S.C. 1229. The

Plan may be amended by the debtor before confirmation pursuant to 11 U.S.C. 1223 and after the date of confirmation as provided by 11 U.S.C. 1229.

XIII. JURISDICTION

The Court shall continue to maintain jurisdiction subsequent to confirmationfor the following purposes:

13.1 Retention of Jurisdiction. Until entry of a final decree closing thiscase, the Court shall retain jurisdiction over all matters necessary to ensure thatthe purpose and intent of the Plan are carried out including, without limitation,the following matters:

A. To hear and determine all claims and interest against the debtoror property of the Estate;

B. To determine any and all applications for allowance ofcompensation and reimbursement of expenses, and any other fees andexpenses authorized to be paid or reimbursed under the Code and the Plan;

C. To determine any applications pending the effective date for the

rejections or assumptions of executory contracts or unexpired leases, or for theassumption and assignment, as the case may be, of executory contracts orunexpired leases to which the debtor is a party, or with respect to which it maybe liable, and to hear and determine, and, if need be, to liquidate any and allclaims arising therefrom;


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D. To determine any and all applications, adversary proceedings,and contested or litigated matters that may be pending from the date ofconfirmation;

E. To determine all adversary proceedings initiated by the debtor;

F. To consider any modifications of the Plan; remedy any defect oromission or reconcile any inconsistency in any order of the Court, including theconfirmation Order, to the extent authorized by the Code;

G. To determine all controversies, suits and disputes that mayarise in connection with the interpretation, enforcement, and consummation ofthe Plan;

H. To consider and act on the compromise and settlement of any

claim against or cause of action by or against the debtor;

I. To issue orders in aid of execution of the plan to the extentauthorized by the Code;

J. To determine such other matters as may be set forth in theConfirmation Order or which may arise in connection with the Plan orConfirmation Order, or may be necessary to effectuate or carry out the purposesand provisions of this Plan; and

K. To enter charging orders, charging expenses or the estateagainst property owned by the Estate.

XIV. VESTS OF ESTATE PROPERTY

14.1 The property of this Estate shall vest in Debtors' upon discharge andcompletion of this Plan. Reinvestment of property of the estate shall be free andclear of the claim or any interest of any creditor, except as otherwise provided inthis Plan or the Order confirming this Plan.

The Debtors declare under penalty of perjury that the foregoing statements

are true and correct to the best of Debtors' knowledge, information and belief.


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EXHIBIT A

5 YEAR RANCH BUDGET


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JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL

COME

DEERPARK VET. 1,700.00$ 1,700.00$ 1,700.00$ 1,700.00$ 1,700.00$ 1,700.00$ 1,700.00$ 1,700.00$ 1,700.00$ 1,700.00$ 1,700.00$ 1,700.00$ 20,400.00$

DNA EMBRYO TRAN. 400.00$ 400.00$ 400.00$ 400.00$ 400.00$ 400.00$ 400.00$ 400.00$ 400.00$ 400.00$ 400.00$ 400.00$ 4,800.00$

DIVOTS 350.00$ 350.00$ 350.00$ 350.00$ 350.00$ 350.00$ 350.00$ 350.00$ 350.00$ 350.00$ 350.00$ 350.00$ 4,200.00$

BOARDING/TRAIN 2,500.00$ 2,500.00$ 2,500.00$ 2,500.00$ 2,500.00$ 2,500.00$ 2,500.00$ 2,500.00$ 2,500.00$ 2,500.00$ 2,500.00$ 2,500.00$ 30,000.00$

SAVINGS 6,900.00$

SALES/COM. 780.00$ 3,000.00$ 7,500.00$ 7,500.00$ 5,000.00$ 3,000.00$ 26,780.00$

TAL 4,950.00$ 4,950.00$ 4,950.00$ 4,950.00$ 5,730.00$ 14,850.00$ 12,450.00$ 12,450.00$ 9,950.00$ 7,950.00$ 4,950.00$ 4,950.00$ 86,180.00$

PENSES

TRUSTEE 187.81$ 865.54$ 298.73$ 298.73$ 298.73$ 298.73$ 298.73$ 298.73$ 2,845.73$

ACCOUNTING 800.00$ 800.00$

MORTGAGE 1,707.26$ 6,500.00$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 16,290.52$

ESCROW DEFICIENT 120.17$ 120.17$ 120.17$ 120.17$ 120.17$ 120.17$ 120.17$ 841.19$

ESCROW 375.00$ 375.00$ 375.00$ 375.00$ 375.00$ 375.00$ 375.00$ 2,625.00$

UNSECUREDDIV. 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 6,986.80$

ELECTRICITY 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 2,700.00$

MAITNENANCE 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 225.00$ 2,700.00$

FUEL 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 3,600.00$

HEALTH INSURANCE 90.00$ 90.00$ 90.00$ 90.00$ 90.00$ 90.00$ 90.00$ 90.00$ 90.00$ 90.00$ 90.00$ 90.00$ 1,080.00$

LICENSES 30.00$ 30.00$ 30.00$ 30.00$ 30.00$ 30.00$ 30.00$ 30.00$ 30.00$ 30.00$ 30.00$ 30.00$ 360.00$

LIVINGEXPENSE 3,150.00$ 3,150.00$ 3,150.00$ 3,150.00$ 3,150.00$ 3,150.00$ 3,150.00$ 3,150.00$ 3,150.00$ 3,150.00$ 3,150.00$ 3,150.00$ 37,800.00$

OFFICE EXPENSE 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 600.00$

PARTS & REPAIRS 100.00$ 100.00$ 100.00$ 100.00$ 100.00$ 100.00$ 100.00$ 100.00$ 100.00$ 100.00$ 100.00$ 100.00$ 1,200.00$

TAL 4,170.00$ 4,170.00$ 4,970.00$ 4,170.00$ 6,938.42$ 12,904.06$ 7,184.46$ 7,184.46$ 7,184.46$ 7,184.46$ 7,184.46$ 7,184.46$ 80,429.24$

T INCOME 780.00$ 780.00$ (20.00)$ 780.00$ (1,208.42)$ 1,945.94$ 5,265.54$ 5,265.54$ 2,765.54$ 765.54$ (2,234.46)$ (2,234.46)$ 5,750.76$

WHITE QUARTER HORSES BUDGET 2011


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JAN UA RY F EBRUARY MARCH AP RIL MAY JUN E JULY AUGUS T SEP TEMBER OCTOBER N OVEMBER DECEMBER TOTAL

INCOME

DEER PARK VET. 1,751.00$ 1,751.00$ 1,751.00$ 1,751.00$ 1,751.00$ 1,751.00$ 1,751.00$ 1,751.00$ 1,751.00$ 1,751.00$ 1,751.00$ 1,751.00$ 21,012.00$

DNA EMBRYO TRAN. 412.00$ 412.00$ 412.00$ 412.00$ 412.00$ 412.00$ 412.00$ 412.00$ 412.00$ 412.00$ 412.00$ 412.00$ 4,944.00$

DIVOTS 360.50$ 360.50$ 360.50$ 360.50$ 360.50$ 360.50$ 360.50$ 360.50$ 360.50$ 360.50$ 360.50$ 360.50$ 4,326.00$

BOARDING/TRAIN 2,652.25$ 2,652.25$ 2,652.25$ 2,731.82$ 2,731.82$ 2,731.82$ 2,731.82$ 2,731.82$ 2,731.82$ 2,731.82$ 2652.25 2652.25 32,383.97$

SALES/COM. 827.50$ 3,182.70$ 7,956.75$ 7,956.75$ 5,304.50$ 3,182.70$ 28,410.90$

SAVINGS 5,750.76$

TOTAL 10,926.51$ 5,175.75$ 5,175.75$ 5,255.32$ 6,082.82$ 8,438.02$ 13,212.07$ 13,212.07$ 10,559.82$ 8,438.02$ 5,175.75$ 5,175.75$ 91,076.87$

EXPENSES

TRUSTEE 307.69$ 307.69$ 307.69$ 307.69$ 307.69$ 307.69$ 307.69$ 307.69$ 307.69$ 307.69$ 307.69$ 307.69$ 3,692.30$

ACCOUNTING 800.00$ 800.00$

MORTGAGE 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 15,166.52$

ESCROW DEFICIENT 120.17$ 120.17$ 120.17$ 120.17$ 120.17$ 120.17$ 120.17$ 120.17$ 120.17$ 120.17$ 120.17$ 120.17$ 1,442.04$

ESCROW 386.25$ 386.25$ 386.25$ 386.25$ 386.25$ 386.25$ 386.25$ 386.25$ 386.25$ 386.25$ 386.25$ 386.25$ 4,774.05$

UNSECURED DIV. 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 10,480.20$

ELECTRICITY 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 2,864.43$

MAITNENANCE 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 231.75$ 2,864.43$

FUEL 309.00$ 309.00$ 309.00$ 309.00$ 309.00$ 309.00$ 309.00$ 309.00$ 309.00$ 309.00$ 309.00$ 309.00$ 3,819.24$


LICENSES 30.90$ 30.90$ 30.90$ 30.90$ 30.90$ 30.90$ 30.90$ 30.90$ 30.90$ 30.90$ 30.90$ 30.90$ 381.92$

LIVING EXPENSE 3,244.50$ 3,244.50$ 3,244.50$ 3,244.50$ 3,244.50$ 3,244.50$ 3,244.50$ 3,244.50$ 3,244.50$ 3,244.50$ 3,244.50$ 3,244.50$ 40,102.02$

OFFICE EXPENSE 51.50$ 51.50$ 51.50$ 51.50$ 51.50$ 51.50$ 51.50$ 51.50$ 51.50$ 51.50$ 51.50$ 51.50$ 636.54$

PARTS & REPAIRS 103.00$ 103.00$ 103.00$ 103.00$ 103.00$ 103.00$ 103.00$ 103.00$ 103.00$ 103.00$ 103.00$ 103.00$ 1,273.08$

TOTAL 7,329.77$ 7,329.77$ 8,129.77$ 7,329.77$ 7,329.77$ 6,329.77$ 7,329.77$ 7,329.77$ 7,329.77$ 7,329.77$ 7,329.77$ 7,329.77$ 89,442.55$

NET INCOME 3,596.74$ (2,154.02)$ (2,954.02)$ (2,074.45)$ (1,246.95)$ 2,108.25$ 5,882.30$ 5,882.30$ 3,230.05$ 1,108.25$ (2,154.02)$ (2,154.02)$ 1,634.33$



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JAN UA RY F EBRUARY MARCH AP RIL MAY JUN E JULY AUGUS T SEP TEMBER OCTOBER N OVEMBER DECEMBER TOTAL

INCOME

DEER PARK VET. 2,299.06$ 2,299.06$ 2,299.06$ 2,299.06$ 2,299.06$ 2,299.06$ 2,299.06$ 2,299.06$ 2,299.06$ 2,299.06$ 2,299.06$ 2,299.06$ 27,588.76$

DNA EMBRYO TRAN. 540.96$ 540.96$ 540.96$ 540.96$ 540.96$ 540.96$ 540.96$ 540.96$ 540.96$ 540.96$ 540.96$ 540.96$ 6,491.47$

DIVOTS 473.34$ 473.34$ 473.34$ 473.34$ 473.34$ 473.34$ 473.34$ 473.34$ 473.34$ 473.34$ 473.34$ 473.34$ 5,680.04$

BOARDING/TRAIN 3,050.09$ 3,050.09$ 3,050.09$ 3,141.59$ 3,141.59$ 3,141.59$ 3,141.59$ 3,141.59$ 3,141.59$ 3,141.59$ 3,050.09$ 3,050.09$ 37,241.57$

SALES/COM. 827.50$ 3,182.70$ 7,956.75$ 7,956.75$ 5,304.50$ 3,182.70$ 28,410.90$

SAVINGS 1,634.33$

TOTAL 7,997.77$ 6,363.44$ 6,363.44$ 6,454.95$ 7,282.45$ 9,637.65$ 14,411.70$ 14,411.70$ 11,759.45$ 9,637.65$ 6,363.44$ 6,363.44$ 105,412.74$

EXPENSES

TRUSTEE 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 3,510.00$

ACCOUNTING 800.00$ 800.00$

MORTGAGE 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 15,166.52$


ESCROW 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 4,820.40$

UNSECURED DIV. 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 10,480.20$

ELECTRICITY 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 3,723.76$

MAITNENANCE 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 301.28$ 3,723.76$

FUEL 401.70$ 401.70$ 401.70$ 401.70$ 401.70$ 401.70$ 401.70$ 401.70$ 401.70$ 401.70$ 401.70$ 401.70$ 4,965.01$


LICENSES 40.17$ 40.17$ 40.17$ 40.17$ 40.17$ 40.17$ 40.17$ 40.17$ 40.17$ 40.17$ 40.17$ 40.17$ 496.50$

LIVING EXPENSE 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 42,000.00$

OFFICE EXPENSE 66.95$ 66.95$ 66.95$ 66.95$ 66.95$ 66.95$ 66.95$ 66.95$ 66.95$ 66.95$ 66.95$ 66.95$ 827.50$

PARTS & REPAIRS 133.90$ 133.90$ 133.90$ 133.90$ 133.90$ 133.90$ 133.90$ 133.90$ 133.90$ 133.90$ 133.90$ 133.90$ 1,655.00$

TOTAL 7,889.01$ 7,889.01$ 8,689.01$ 7,889.01$ 7,889.01$ 6,889.01$ 7,889.01$ 7,889.01$ 7,889.01$ 7,889.01$ 7,889.01$ 7,889.01$ 95,100.20$

NET INCOME 108.76$ (1,525.57)$ (2,325.57)$ (1,434.06)$ (606.56)$ 2,748.64$ 6,522.69$ 6,522.69$ 3,870.44$ 1,748.64$ (1,525.57)$ (1,525.57)$ 10,312.54$



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JAN UARY FEBRUARY MARCH AP RIL MAY JUN E JULY AUGUS T SEPTEMBER OCTOBER N OVEMBER DECEMBER TOTA L

INCOME

DEER PARK VET. 2,368.03$ 2,368.03$ 2,368.03$ 2,368.03$ 2,368.03$ 2,368.03$ 2,368.03$ 2,368.03$ 2,368.03$ 2,368.03$ 2,368.03$ 2,368.03$ 28,416.42$

DNA EMBRYO TRAN. 557.18$ 557.18$ 557.18$ 557.18$ 557.18$ 557.18$ 557.18$ 557.18$ 557.18$ 557.18$ 557.18$ 557.18$ 6,686.22$

DIVOTS 487.54$ 487.54$ 487.54$ 487.54$ 487.54$ 487.54$ 487.54$ 487.54$ 487.54$ 487.54$ 487.54$ 487.54$ 5,850.44$

BOARDING/TRAIN 3,141.59$ 3,141.59$ 3,141.59$ 3,235.84$ 3,235.84$ 3,235.84$ 3,235.84$ 3,235.84$ 3,235.84$ 3,235.84$ 3,141.59$ 3,141.59$ 38,358.82$

SALES/COM. 852.33$ 3,278.18$ 8,195.45$ 8,195.45$ 5,463.64$ 3,278.18$ 29,263.23$

SAVINGS 10,312.54$

TOTAL 16,866.89$ 6,554.35$ 6,554.35$ 6,648.59$ 7,500.92$ 9,926.77$ 14,844.05$ 14,844.05$ 12,112.23$ 9,926.77$ 6,554.35$ 6,554.35$ 108,575.12$

EXPENSES

TRUSTEE 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 3,510.00$

ACCOUNTING 800.00$ 800.00$

MORTGAGE 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 15,166.52$


ESCROW 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 4,820.40$

UNSECURED DIV. 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 10,480.20$

ELECTRICITY 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 3,835.47$

MAITNENANCE 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 310.31$ 3,835.47$

FUEL 413.75$ 413.75$ 413.75$ 413.75$ 413.75$ 413.75$ 413.75$ 413.75$ 413.75$ 413.75$ 413.75$ 413.75$ 5,113.96$


LICENSES 41.38$ 41.38$ 41.38$ 41.38$ 41.38$ 41.38$ 41.38$ 41.38$ 41.38$ 41.38$ 41.38$ 41.38$ 511.40$

LIVING EXPENSE 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 3,500.00$ 42,000.00$

OFFICE EXPENSE 68.96$ 68.96$ 68.96$ 68.96$ 68.96$ 68.96$ 68.96$ 68.96$ 68.96$ 68.96$ 68.96$ 68.96$ 852.33$

PARTS & REPAIRS 137.92$ 137.92$ 137.92$ 137.92$ 137.92$ 137.92$ 137.92$ 137.92$ 137.92$ 137.92$ 137.92$ 137.92$ 1,704.65$

TOTAL 7,929.98$ 7,929.98$ 8,729.98$ 7,929.98$ 7,929.98$ 6,929.98$ 7,929.98$ 7,929.98$ 7,929.98$ 7,929.98$ 7,929.98$ 7,929.98$ 95,606.63$

NET INCOME 8,936.90$ (1,375.64)$ (2,175.64)$ (1,281.39)$ (429.06)$ 2,996.79$ 6,914.06$ 6,914.06$ 4,182.25$ 1,996.79$ (1,375.64)$ (1,375.64)$ 12,968.49$



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JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER O CTOBER NOVEMBER DECEMBER TOTAL

INCOME

DEER PARK VET. 2,439.08$ 2,439.08$ 2,439.08$ 2,439.08$ 2,439.08$ 2,439.08$ 2,439.08$ 2,439.08$ 2,439.08$ 2,439.08$ 2,439.08$ 2,439.08$ 29,268.91$

DNA EMBRYO TRAN. 573.90$ 573.90$ 573.90$ 573.90$ 573.90$ 573.90$ 573.90$ 573.90$ 573.90$ 573.90$ 573.90$ 573.90$ 6,886.80$

DIVOTS 502.16$ 502.16$ 502.16$ 502.16$ 502.16$ 502.16$ 502.16$ 502.16$ 502.16$ 502.16$ 502.16$ 502.16$ 6,025.95$

BOARDING/TRAIN 3,235.84$ 3,235.84$ 3,235.84$ 3,332.91$ 3,332.91$ 3,332.91$ 3,332.91$ 3,332.91$ 3,332.91$ 3,332.91$ 3,235.84$ 3,235.84$ 39,509.58$

SALES/COM. 877.90$ 3,376.53$ 8,441.32$ 8,441.32$ 5,627.54$ 3,376.53$ 30,141.13$

SAVINGS 12,968.49$

TOTAL 19,719.47$ 6,750.98$ 6,750.98$ 6,848.05$ 7,725.95$ 10,224.58$ 15,289.37$ 15,289.37$ 12,475.60$ 10,224.58$ 6,750.98$ 6,750.98$ 111,832.37$

EXPENSES

TRUSTEE 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 3,510.00$

ACCOUNTING 800.00$ 800.00$

MORTGAGE 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 15,166.52$


ESCROW 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 4,820.40$

UNSECURED DIV. 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 10,480.20$

ELECTRICITY 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 3,950.54$

MAITNENANCE 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 319.62$ 3,950.54$

FUEL 426.16$ 426.16$ 426.16$ 426.16$ 426.16$ 426.16$ 426.16$ 426.16$ 426.16$ 426.16$ 426.16$ 426.16$ 5,267.38$


LICENSES 42.62$ 42.62$ 42.62$ 42.62$ 42.62$ 42.62$ 42.62$ 42.62$ 42.62$ 42.62$ 42.62$ 42.62$ 526.74$

LIVING EXPENSE 3,605.00$ 3,605.00$ 3,605.00$ 3,605.00$ 3,605.00$ 3,605.00$ 3,605.00$ 3,605.00$ 3,605.00$ 3,605.00$ 3,605.00$ 3,605.00$ 43,260.00$

OFFICE EXPENSE 71.03$ 71.03$ 71.03$ 71.03$ 71.03$ 71.03$ 71.03$ 71.03$ 71.03$ 71.03$ 71.03$ 71.03$ 877.90$

PARTS & REPAIRS 142.05$ 142.05$ 142.05$ 142.05$ 142.05$ 142.05$ 142.05$ 142.05$ 142.05$ 142.05$ 142.05$ 142.05$ 1,755.79$

TOTAL 8,077.19$ 8,077.19$ 8,877.19$ 8,077.19$ 8,077.19$ 7,077.19$ 8,077.19$ 8,077.19$ 8,077.19$ 8,077.19$ 8,077.19$ 8,077.19$ 97,388.26$

NET INC OME 11,642.28$ (1,326.21)$ (2,126.21)$ (1,229.13)$ (351.24)$ 3,147.39$ 7,212.18$ 7,212.18$ 4,398.41$ 2,147.39$ (1,326.21)$ (1,326.21)$ 14,444.12$



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JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST S EPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL

INCOME

DEER PARK VET. 2,512.25$ 2,512.25$ 2,512.25$ 2,512.25$ 2,512.25$ 2,512.25$ 2,512.25$ 2,512.25$ 2,512.25$ 2,512.25$ 2,512.25$ 2,512.25$ 30,146.98$

DNA EMBRYO TRAN. 591.12$ 591.12$ 591.12$ 591.12$ 591.12$ 591.12$ 591.12$ 591.12$ 591.12$ 591.12$ 591.12$ 591.12$ 7,093.41$

DIVOTS 517.23$ 517.23$ 517.23$ 517.23$ 517.23$ 517.23$ 517.23$ 517.23$ 517.23$ 517.23$ 517.23$ 517.23$ 6,206.73$

BOARDING/TRAIN 3,332.91$ 3,332.91$ 3,332.91$ 3,432.90$ 3,432.90$ 3,432.90$ 3,432.90$ 3,432.90$ 3,432.90$ 3,432.90$ 3,332.91$ 3,332.91$ 40,694.87$

SALES/COM. 904.23$ 3,477.82$ 8,694.56$ 8,694.56$ 5,796.37$ 3,477.82$ 31,045.36$

SAVINGS 14,444.12$

TOTAL 21,397.63$ 6,953.51$ 6,953.51$ 7,053.49$ 7,957.73$ 10,531.32$ 15,748.05$ 15,748.05$ 12,849.86$ 10,531.32$ 6,953.51$ 6,953.51$ 115,187.34$

EXPENSES

TRUSTEE 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 292.50$ 3,510.00$

ACCOUNTING 800.00$ 800.00$

MORTGAGE 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 1,347.21$ 15,166.52$


ESCROW 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 390.00$ 4,820.40$

UNSECURED DIV. 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 873.35$ 10,480.20$

ELECTRICITY 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 4,069.05$

MAITNENANCE 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 329.21$ 4,069.05$

FUEL 438.95$ 438.95$ 438.95$ 438.95$ 438.95$ 438.95$ 438.95$ 438.95$ 438.95$ 438.95$ 438.95$ 438.95$ 5,425.40$


LICENSES 43.89$ 43.89$ 43.89$ 43.89$ 43.89$ 43.89$ 43.89$ 43.89$ 43.89$ 43.89$ 43.89$ 43.89$ 542.54$

LIVING EXPENSE 3,713.15$ 3,713.15$ 3,713.15$ 3,713.15$ 3,713.15$ 3,713.15$ 3,713.15$ 3,713.15$ 3,713.15$ 3,713.15$ 3,713.15$ 3,713.15$ 44,557.80$

OFFICE EXPENSE 73.16$ 73.16$ 73.16$ 73.16$ 73.16$ 73.16$ 73.16$ 73.16$ 73.16$ 73.16$ 73.16$ 73.16$ 904.23$

PARTS & REPAIRS 146.32$ 146.32$ 146.32$ 146.32$ 146.32$ 146.32$ 146.32$ 146.32$ 146.32$ 146.32$ 146.32$ 146.32$ 1,808.47$

TOTAL 8,228.80$ 8,228.80$ 9,028.80$ 8,228.80$ 8,228.80$ 7,228.80$ 8,228.80$ 8,228.80$ 8,228.80$ 8,228.80$ 8,228.80$ 8,228.80$ 99,223.33$

NET INC OME 13,168.82$ (1,275.30)$ (2,075.30)$ (1,175.31)$ (271.08)$ 3,302.51$ 7,519.24$ 7,519.24$ 4,621.06$ 2,302.51$ (1,275.30)$ (1,275.30)$ 15,964.01$



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EXHIBIT B

LIQUIDATION ANALYSIS


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CHAPTER 7

L I Q U I D A T I O N A N A L Y S I S

To t a l V a lue o f P e rsona l P rope r t y $ 138,960.00 (+)

To t a l V a lue o f Rea l P rope r t y $ 300,000.00 (+)

Total Secured Claims against Personal Property (not to exceed

value of property) : $ 0.00 ( - )

Total Secured Claims against Real Property (not to exceed valueof property) :

$ 214,586.01 ( - )

To t a l P e rsona l P rope r t y E xem pt i ons C la im ed (equ i t y on l y ) : $ 88,306.00 ( - )

To t a l Rea l P rope r t y E xem pt i ons C la im ed (equ i t y on l y ) : $ 20,000.00 ( - )

Ne t V a lue o f Non-E xem pt P rope r t y :

$ 116,067.99

19416130624

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