Medaris v. Commercial Bank of Champaign

On or about September 17, 1984, plaintiffs purchased an automobile from defendant. Defendant financed the purchase and retained a security interest in the automobile, which they subsequently perfected pursuant to article 9 of the Uniform Commercial Code — Secured Transactions (Code) (Ill. Rev. Stat. 1985, ch. 26, par. 9 — 101 et seq.). On January 28, 1985, plaintiffs filed for relief pursuant to chapter 7 of the bankruptcy laws of the United States. (11 U.S.C. sec. 701 et seq. (1982).) Plaintiffs both claimed in their bankruptcy schedules a $1,200 exemption in the automobile pursuant to…