Associates Financial Services v. Swanson (In Re Swanson)

MEMORANDUM DECISION

M. S. YOUNG, Bankruptcy Judge.

In May of 1979 defendants granted plaintiff a security interest in certain personal property to secure repayment of a promissory note to plaintiff. The security interest was a nonpossessory, nonpurchase money one in household furnishings and appliances. On March 10, 1980, defendants petitioned for relief under chapter 7 of the Bankruptcy Code. Defendants claimed an exemption on the property and it was allowed as exempt, no objection to debtors’ claim of exemption having been made. On July 21,1980, discharge was granted. Trustee filed his report…