Charles Glenn Allen

UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF NORTH CAROLINA
RALEIGH DIVISION
IN RE:
CHARLES GLENN ALLEN
DEBTOR
CASE NO.
04-04210-5-ATS
ORDER ALLOWING OBJECTION TO VALUATION
The matter before the court is the objection to confirmation filed
by DaimlerChrysler Services North America, LLC. A hearing took place
in Raleigh, North Carolina on June 7, 2005.
Charles Glenn Allen filed a petition for relief under chapter 13
of the Bankruptcy Code on November 18, 2004. DaimlerChrysler holds a
security interest in the debtor’s 2001 Jeep Cherokee, and it filed a
claim in the amount of $10,651.55. The chapter 13 trustee filed a
motion to confirm the debtor’s plan on April 14, 2005, and responses
were due by May 12, 2005. On April 26, 2005, DaimlerChrysler filed an
objection to valuation, contending that the plan proposed to secure its
claim in the amount of $8,925, while the NADA value of the vehicle is
$11,925. Notwithstanding the objection to valuation, the plan was
confirmed on May 18, 2005. Mr. Allen contends that the objection to
valuation was not a timely objection to confirmation, and
DaimlerChrysler is bound by the terms of the confirmed plan.
The objection to valuation was a sufficient and timely objection
to the terms of the proposed plan, and DaimlerChrysler’s objection is
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not precluded by res judicata. While Mr. Allen submitted several facts
regarding his need for the vehicle and his inability to pay a larger
claim, these facts are not relevant to the issue of the vehicle’s
value. The NADA value is $11,925, and DaimlerChrysler must be treated
as fully secured at the contract rate of 1.9 percent.
Based on the foregoing, the objection to valuation is ALLOWED.
DaimlerChrysler is to be treated as fully secured in the amount of
$10,651.55 at 1.9 percent interest.
SO ORDERED.
DATED: June 16, 2005
Case 04-04210-5-ATS Doc 24 Filed 06/16/05 Entered 06/16/05 16:27:49 Page 2 of 2