- 11 U.S.C.
In re Price
Mar
06
2007
Ruling
Strip down allowed where secured claim included obligations separate from and in addition to purcahse price of vehicle.
Procedural posture
Chapter 13 debtors submitted for confirmation a proposed plan that would bifurcate creditor's claim which was secured by debtors'motor vehicle pursuant to 11 U.S.C. § 506, strip down the secured part of the claim to the current value of the vehicle. Creditor filed an objection, asserting the plan violated the prohibition on bifurcation in 11 U.S.C. § 1325(a), because the debt in issue created a purchase money security interest.
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Court
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