In re Brown (06-50193)
The debtor purchased a vehicle 197 days before filing for Chapter 13 relief. The court held that under 11 U.S.C.A. ยง 1325(a)(5) as amended by BAPCPA, the debtor could not bifurcate the creditor's claim. The court held that the creditor was entitled to receive periodic payments which equal the present value of the secured claim. The court also held that the applicable interest rate for present value purposes is the interest rate mandated by the United States Supreme Court in Till v. SCS Credit Corp., 541 U.S. 465 (2004).
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Date:
Friday, June 30, 2006