A debtor has filed a plan to reorganize his affairs of the Bankruptcy Code. The plan calls for payment of 10 cents on the dollar to all unsecured creditors over the next three years.
The only secured creditor is Last Bank and Trust, whose lien is secured by the debtor's personal residence. The plan calls for curing the present payments in arrears over one year and reducing the scheduled payments by 50 percent for three years. Will the court approve the debtor's plan? Why or why not?