In re Brown (12-51926)
The court held that a Chapter 13 debtor, pursuant to a Chapter 13 plan, can use 11 U.S.C. § 506(a) to value a non-910 vehicle and then, under 11 U.S.C. § 1325(a)(5)(C), surrender that vehicle in full satisfaction of the creditor’s claim where the value so determined is equal to or greater than the creditor’s claim. The court also held that the proper standard of value to be applied where the collateral is surrendered is the replacement value as of the date of the bankruptcy filing.
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Monday, December 3, 2012