In re Tucker (12-53285)

Secured creditor objected to confirmation of Chapter 13 Debtor's plan on the ground that the plan undervalued its collateral, a manufactured home. Debtor conceded the home was undervalued but disputed the creditor's valuation. At a hearing, Debtor presented evidence of value based on a market approach and comparable sales, and the creditor presented evidence of value based on a cost approach and NADA values. The court found Debtor's evidence better reflected current retail values for manufactured homes in the locality. Therefore, the Court accepted the value proffered by Debtor and required Debtor to amend his plan to reflect that value.

Tuesday, June 25, 2013