Filed: Dec. 01, 2017
Latest Update: Dec. 01, 2017
Summary: REASONS FOR ORDER ELIZABETH W. MAGNER , Bankruptcy Judge . This matter came before the Court as an Objection to Proof of Claim #10 (P-27) filed by Sonia Henriques ("D e btor"). Debtor challenges Proof of Claim #10's, filed by Heartland Federal Credit Union ("Heartland"), secured status. Proof of Claim #10 is in the amount of $12,816.55. Oral argument was held and appearances were made by: Mark Needham, counsel for Debtor Andrew Wiebelt, counsel for the Chapter 13 Trustee Following oral
Summary: REASONS FOR ORDER ELIZABETH W. MAGNER , Bankruptcy Judge . This matter came before the Court as an Objection to Proof of Claim #10 (P-27) filed by Sonia Henriques ("D e btor"). Debtor challenges Proof of Claim #10's, filed by Heartland Federal Credit Union ("Heartland"), secured status. Proof of Claim #10 is in the amount of $12,816.55. Oral argument was held and appearances were made by: Mark Needham, counsel for Debtor Andrew Wiebelt, counsel for the Chapter 13 Trustee Following oral a..
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REASONS FOR ORDER
ELIZABETH W. MAGNER, Bankruptcy Judge.
This matter came before the Court as an Objection to Proof of Claim #10 (P-27) filed by Sonia Henriques ("Debtor"). Debtor challenges Proof of Claim #10's, filed by Heartland Federal Credit Union ("Heartland"), secured status. Proof of Claim #10 is in the amount of $12,816.55. Oral argument was held and appearances were made by:
Mark Needham, counsel for Debtor
Andrew Wiebelt, counsel for the Chapter 13 Trustee
Following oral argument, the matter was taken under submission.
Debtor financed the purchase of a 2013 Kia Optima. On September 11, 2014, the debt was refinanced by Heartland. Because Heartland was not the actual vendor of the vehicle, its claim may be bifurcated into secured and unsecured portions based on the value of the vehicle on the petition date. 11 U.S.C. § 1325.
Debtor offered evidence of the vehicle's value based on the National Automobile Dealers Association's sales as $10,475.00. Heartland offered no evidence to refute this value. The Court accepts the value of the vehicle as $10,475.00 and bifurcates Heartland's claim of $12,816.55 into $10,475.00 secured and $2,341.55 unsecured.
Accordingly, the Court finds Debtor's Objection to Proof of Claim #10 to be well-founded.
IT IS ORDERED that Debtor's Objection to Proof of Claim #10 is SUSTAINED.
IT IS FURTHER ORDERED that counsel shall serve this order on the required parties who will not receive notice through the ECF system pursuant to the FRBP and the LBRs and file a certificate of service to that effect within three (3) days.
