In re Hall
Dec
03
2008
Ruling
Purchase money security interest in "910 vehicle," exclusive of negative equity, could not be crammed down.
Procedural posture
Debtors filed a petition under chapter 13 of the Bankruptcy Code and a plan for repaying their creditors. A creditor filed an objection to the debtors' plan, claiming that the plan could not be approved because it proposed to cram down the creditor's interest in a vehicle the debtors purchased less than 910 days before they declared bankruptcy, in violation of 11 U.S.C.S. § 1325(a) (hanging paragraph referencing paragraph 5).
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Court
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