In re Ferrell, No. 1:12-CV-1018, 2012 U.S. Dist. LEXIS 154679 (W.D. Ark. Oct. 29, 2012)

(appeal from a Chapter 12 bankruptcy order allowing lifting of automatic stay on two parcels of land because debtors had no equitable interest in property; debtors entered into contract for deed with creditors whereby creditors paid off debtors' $170,000 bank loan in exchange for a warranty deed to property; debtors were to make yearly payments to creditor to buy back property; after a few years, debtors were delinquent in payments and creditor sent notice of default; under contract if default was not cured within 30 days, contract terminated and all payments  treated as rent; debtors made rental payments for a time, but eventually stopped paying rent; debtors filed bankruptcy and included property as part of the estate; appellate court affirmed because contract for deed was terminated 2 years prior to commencement of bankruptcy when default was not cured, so debtors had no legal interest in property; court also held forfeiture should not be set aside for principles of equity because creditors attempted to help debtors avoid forfeiture with favorable repayment terms and debtors still defaulted; order affirmed).