In re Wright

338 B.R. 917 (2006)

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In re Wright

United States Bankruptcy Court for the Middle District of Alabama
338 B.R. 917 (2006)

  • Written by Jody Stuart, JD

Facts

Leareen and James Wright (debtors) purchased a car on May 29, 2004. The purchase was financed by Centrix Funds Series CLPF (Centrix) (creditor), and Centrix held a security interest in the car. On December 5, 2005, the Wrights filed for Chapter 13 bankruptcy. The Chapter 13 plan treated Centrix’s claim as fully secured and provided that Centrix would receive a 7.75 percent interest rate on its claim. Centrix filed a proof of claim, which reflected a contract interest rate equal to 17.9 percent. Centrix filed an objection to confirmation of the Chapter 13 plan, asserting that Centrix was entitled to the 17.9 percent contract interest rate on its claim.

Rule of Law

Issue

Holding and Reasoning (Williams Jr., J.)

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