Americredit Financial Services, Inc. v. Penrod (In Re Penrod)
United States Bankruptcy Appellate Panel for the Ninth Circuit
1Opinion of the Court
OPINION
MARKELL, Bankruptcy Judge.
I. Introduction
This appeal presents a pure question of law: When a debtor trades in a motor vehicle in connection with buying a new one, and the lender who is financing the purchase assumes the debtor’s “negative equity” on the trade-in, how should the transaction be treated under the troublesome “hanging paragraph” of § 1325(a) of the Bankruptcy Code?
As an initial matter, we ask whether the lender’s payoff of the deficiency on the trade-in is secured by a purchase money security interest in the new car, which would make it protected by the hanging paragraph.…
2Cases cited53 opinions
- DelCostello v. International Brotherhood of TeamstersSupreme Court of the United States · 1983
- Robinson v. Shell Oil Co.Supreme Court of the United States · 1997
- Kamen v. Kemper Financial Services, Inc.Supreme Court of the United States · 1991
- Davis v. Michigan Department of the TreasurySupreme Court of the United States · 1989
- Boyle v. United Technologies Corp.Supreme Court of the United States · 1988
48 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Ford Motor Credit Co. v. Dale (In Re Dale)Court of Appeals for the Fifth Circuit · 2009
- Marlene Penrod v. Americredit Financial ServicesCourt of Appeals for the Ninth Circuit · 2015
- Ford Motor Credit v. Sanders (In Re Sanders)District Court, W.D. Texas · 2009
- In Re Las Vegas Monorail Co.United States Bankruptcy Court, D. Nevada · 2010
- In re Las Vegas Monorail Co.United States Bankruptcy Court, D. Nevada · 2010
17 more not listed; retrieve them via the Exa API.