Savloff v. Continental Bank (In Re Savloff)

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

While the ostensible purpose of the complaint presently at bench is for a “determination (under § 506 of the Bankruptcy Code) of the secured státus” of the existing liens against the debtors’ residence, 1 the real thrust of the debtors’ action is to determine the value of the collateral held by said lien creditors so that the debtors may decide whether to relinquish it or keep it and make arrangements to repay those secured creditors who have realizable security interests. 2 We determine that the value of the debtors’ residence is $207,500.00.

The…