To redeem collateral, a debtor has to pay the lesser of the collateral's value or the amount of total debt. For purposes of chapter 7 redemption, wholesale value is used as starting point for collateral's value. In this case, loan amounts (including credit card debt) were aggregated due to cross-collateralization language in car notes, but because the total debt exceeded the collateral's stipulated wholesale value, Debtor only had to pay wholesale value of vehicles to redeem them. Remainder of debt is unsecured.Not selected for publication.
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Opinions
Notice: Not all of the Judges Opinions will be made available on this site. Individual Judges have the option of specifying that all, some or none of their opinions be posted.
Audrey R. Evans
Despite a letter from Clerk of Court informing him that it was impermissible to file pleadings on behalf of another attorney, Debtors' attorney continued to do so. Accordingly, he is ordered to show cause regarding his multiple failures to abide by the Administrative Procedures for Electronically Filed Cases and Related Documents, as adopted by General Order 19. Not selected for publication.
Plaintiff-Trustee's Motion for Summary Judgment granted. The Court found that Defendant-Creditor's filing of the financing statement with circuit court clerk where Debtor resided was an ineffective method for perfecting a security interest interest in Debtor's all-terrain vehicle (ATV). For effective perfection of a security interest in an ATV, Arkansas law requires that the lien be noted on the certificate of title. Not Selected for Publication. Available at 2003 WL 21698752 (Bankr. E.D. Ark. 2003).
Complaint to determine amount of child support arrearage dismissed for failure to state a claim upon which relief may be granted. Child support obligations are non-dischargeable, and the Court cannot enter an advisory opinion regarding the amount of the child support obligations; rather, the Debtor must seek that relief in the appropriate state court.Not selected for publication. Available at 296 B.R. 808 (Bankr. E.D. Ark. 2003).
Order to Show Cause why Debtor should not be held in criminal contempt for violating prior order.
Judge Richard D. Taylor
Late filed objection to confirmation of plan not timely, even though it was filed prior to confirmation. General Order Number 20 establishes 10 days after the conclusion of first meeting of creditors to file objections.
The debtor's objection to the unsecured claim of the bank is overruled. The bank's purchase of the property at the foreclosure sale did not benefit the debtor anymore than if a third party had purchased the property. consequently, the debtor does not receive any further relief from debt when the bank later sells the property to a third party for a greater amount.
The trustee's and creditor's objections to debtor's claim of exemptions were sustained because debtor did not impress homestead character or maintain actual occupancy on the remaining homestead property sufficient to allow debtor to claim a right to homestead exemption.
Motion to add joint debtor by amending his voluntary petition is denied for the following reasons: (1) to avoid prejudice to creditors and (2) because there was no clear authority permitting such an amendment.
Motion for reconsideration is denied. Under Federal Rule of Bankruptcy Procedure 9023 the motion was untimely because it was not filed within 10 days of the entry of the judgement. Under Federal Rule of Bankruptcy Procedure 9024 the defendant failed to state a reason that would justify reconsideration of the order.