In re Huddle
United States Bankruptcy Court for the Eastern District of Virginia
2007 Bankr. LEXIS 2770, 63 U.C.C. Rep. Serv. 2d 634 (2007)
- Written by Katrina Sumner, JD
Facts
In September 2006, Robert K. Huddle (debtor) filed for Chapter 13 bankruptcy. One of his creditors was 1st Advantage (creditor), which had given Huddle a loan for the purchase of a recreational vehicle (RV), paid directly to the RV dealer, and a loan for the purchase of a motorcycle. Around a year later, Huddle became delinquent in his payments on both loans. 1st Advantage refinanced Huddle’s loans, granting him $112,528.44, which went to pay off the RV loan and to make the motorcycle loan current, with 1st Advantage retaining a security interest in the RV. When Huddle filed for bankruptcy, he filed a proposed payment plan that the bankruptcy trustee rejected in favor of a modified plan. For payments in the amount of $95,580.00 from Huddle over the course of five years, the modified plan would pay all unsecured creditors in full. However, there was a dispute over whether 1st Advantage had a purchase-money interest giving it priority over unsecured creditors.
Rule of Law
Issue
Holding and Reasoning (Mitchell, J.)
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