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§ 506(a)(2)

In re Cook

Sep
10
2009
Ruling
Debtor's vehicle valued as of date of confirmation hearing rather than petition date.
Procedural posture

Creditor, the holder of a security interest in the debtor's motor vehicle, objected to confirmation of the debtor's chapter 13 plan, arguing that the plan failed to comply with the requirements of 11 U.S.C.S. § 1325(a)(5)(B)(ii) because it undervalued the creditor's claim.

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Consumer opinion summary, case decided on September 10, 2009 , LexisNexis #1009-043
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In re Mayland

May
26
2006
Ruling
Court ruled that section 506(a)(2) and thus replacement value provided standard for valuing vehicle for redemption purposes in both chapter 7 and chapter 13 cases.
Procedural posture

The debtors moved for authority to redeem their vehicle for $12,125. The creditor objected. The debtors argued that the proper valuation standard was the replacement value of the vehicle, which they computed by taking 90 percent of the retail value for the vehicle listed by the National Automobile Dealers Association ("NADA") Official Used Car Guide. The creditor argued that the replacement value was the full retail NADA value, which was $13,900.

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opinion summary, case decided on May 26, 2006 , LexisNexis #0606-108
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In re Brown

Apr
24
2006
Ruling
Court deemed redemption value of an automobile to be the retail price as claimed by creditor less an amount for necessary repairs.
Procedural posture

A bankruptcy debtor's automobile was encumbered by a creditor's lien, and the debtor moved for authority to redeem the automobile pursuant to 11 U.S.C. § 722. The debtor and the creditor disputed the value of the automobile for redemption purposes under 11 U.S.C. § 506(a)(2).

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opinion summary, case decided on April 24, 2006 , LexisNexis #0506-110
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