In re Callicott

Ruling: 
Negative equity in vehicle loan was not included in purchase money security interest and not entitled to protection under hanging paragraph.
Procedural posture: 
In a debtor's chapter 13 case, a creditor filed a proof of claim secured by the debtor's purchase of a vehicle. The debtor objected to the amount of the claim, asserting that the creditor's purchase money security interest did not extend to the negative equity included in the loan.
Issue: 
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Consumer case opionion summary, case decided on April 14,2008, LexisNexis #0608-022