Loof v. Frankford Trust Co. (In Re Loof)

OPINION

EMIL F. GOLDHABER, Chief Bankruptcy Judge.

The issue presented to us is whether we should direct the turnover of an automobile where a secured creditor repossessed the vehicle shortly before the filing of the debt- or’s petition for the repayment of its debts under chapter 13 of the Bankruptcy Code (“the Code”). For the reasons expressed below we will deny the complaint for turnover.

The facts of this case are as follows: 1 The debtor has been in the business of renting limousines since 1976. The Frank-ford Trust Company (“Frankford”), who is a creditor holding a security interest in…