In re Hayes
Nov
01
2007
Ruling
Protection of hanging pargraph not available for non-purchase money security interest portions of debt.
Procedural posture
In proceedings that were consolidated for a decision, the debtors filed for relief under chapter 13, and had proposed in their chapter 13 plans to "strip down" the amounts owed to the creditors for financed vehicles. The creditors objected to the proposed plan payments, and claimed that they held purchase money security interests ("PMSI") for the full amounts financed pursuant to 11 U.S.C. § 1325.
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Court
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