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In re Hamilton (Case No. 10-60532) 04/11/2011

The debtors objected to the secured status of a creditor’s claim because the debtors have no equity in the property.   The creditor asserts in the proof of claim that the claim is fully secured by a truck and a motorcycle.   The Court found that no statutory basis was given for the debtors’ objection to the secured portion of the claim, but it appears that the debtors are asserting that the claim should be bifurcated into a secured portion (equal to $0) and an unsecured portion equal to the amount of the claim.  However, according to the debtors, the fair market value of the collateral is greater than the amount of the claim.  Therefore, the claim is fully secured and the objection is overruled.

Date: 
Monday, April 11, 2011
Category: 
Claim Objections
Chapter: 
13