In re Stevens
Apr
09
2007
Ruling
Where multiple vehicles served as collateral, debtor required to either pay portion representing purchase money security interest in full or surrender one vehicle in full satisfaction of claim.
Procedural posture
A creditor objected to confirmation of a chapter 13 plan, arguing debtor was trying to cram-down its claim in violation of the "hanging paragraph" following 11 U.S.C. § 1325(a)(9). Regarding the "hanging paragraph,"the issue raised here was whether, when multiple vehicles served as collateral, a debtor could retain one vehicle and pay the portion of the loan attributable to that vehicle in full while surrendering the remaining collateral.
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Court
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