Virginia National Bank v. Jones (In Re Jones)

HAL J. BONNEY, Jr., Bankruptcy Judge.

Quite simply, by what standards shall property be valued, pursuant to 11 U.S.C. 1325(a)(5XB)(ii), when the Chapter 13 debt- or seeks to deal with secured creditors in the plan?

Since the effective date of the Bankruptcy Code, October 1,1979, perhaps more judicial decisions have been required in Chapter 13 proceedings than in any other. A vastly new bankruptcy philosophy here exists. The decisions have generally been of two natures: (1) those involving vital substantive issues such as “good faith” and (2) the mechanics of applying the provisions of the…