In re Bonner (06-50472)
The debtor leased a used Cadillac. The debtor proposed to treat the lease as a disguised security agreement in his Chapter 13 plan. The court held that the lease was a true lease and not a disguised security agreement. The court looked to the terms of the lease and whether the debtor could purchase the vehicle at the end of the lease for a nominal amount.
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Wednesday, July 19, 2006