In re Myers
Jun
13
2008
Ruling
Inclusion of negative equity did not destroy purchase money character of "910 vehicle" loan.
Procedural posture
Debtor filed a chapter 13 case within 910 days of the date on which she had bought a new car using dealer financing. The loan and the resulting security interest were assigned to the creditor, which filed a $25,101 proof of claim. When debtor proposed a plan that provided a $15,000 secured claim and crammed down the balance, the creditor objected on the basis that such treatment was improper under 11 U.S.C.S. § 1325(a) and 11 U.S.C.S. § 506.
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Court
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