“TRANSFORMATION” RULE AND NEGATIVE EQUITY DISCUSSED; GAP INSURANCE, SERVICE CONTRACT NOT PART OF COLLATERAL In re Miller, Case No 08-40935 December 2008, Judge Karlin Debtor sought, and was permitted, to pay only the cost of the car, rather than cost plus other charges. Court did not rule on whether certain fees not adequately addressed by…
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Tag Archive: PMSI
Negative Equity
NEGATIVE EQUITY ISSUE NOT RULED UPON IN 1327 CASE In re Kuhasz, Case No. 07-20282 November 2008, Judge Somers Court noted split within the district. Judge Karlin excluded negative equity from PMSI claim in In re Padgett, 389 BR 203, while Judge Nugent included it. In re Ford 387 BR 14827 but declined to rule…
Is Force Placed Insurance Part of 910 Vehicle Claim?
COST OF FORCED PLACED INSURANCE IS PART OF PMSI FOR 910 VEHICLE In re Townsend, Case No 07-20956 April 2008, Judge Somers Noting that BAPCPA does not define PMSI but that the phrase is a term of art under the UCC, the Court found that under Missouri law, 9-103 governs and forced place insurance falls…
GAP Insurance Not In Car Lender's PMSI
GAP insurance, service contracts, administrative fees and the traded-in car payoff are not part of a car lender’s purchase-money secured claim in chapter 13 bankruptcy and can be crammed-down if the car is worth less than the loan balance, Judge Janice Miller Karlin ruled this week in In Re Miller, Case No. 08-40935, (Bankr. D.Kan….
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