In re Honcoop

377 B.R. 719 (2007)

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In re Honcoop

United States Bankruptcy Court for the Middle District of Florida
377 B.R. 719 (2007)

  • Written by Sheryl McGrath, JD

Facts

Nicholas Financial Inc. (Nicholas) (creditor) held a finance contract with Betsy Honcoop (debtor). Honcoop had signed the finance contract to obtain a loan to buy a car for personal use. The car’s purchase price included $500 for guaranteed-auto-protection (GAP) insurance. The finance contract required Honcoop to make monthly payments toward a total loan amount of $11,339 plus interest, but nothing in the contract indicated which portion of Honcoop’s payments were attributable to the GAP insurance. Within 910 days of executing the finance contract, Honcoop filed a bankruptcy petition. In the bankruptcy proceeding, Honcoop valued the car at $4,570. Nicholas objected to Honcoop’s valuation and contended that Honcoop must value the car at the amount owed under the finance contract.

Rule of Law

Issue

Holding and Reasoning (Funk, J.)

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