Bankruptcy Court Determines Redemption Value of Frankenstein Truck

Bankruptcy Court Determines Redemption Value of Frankenstein Truck

On April 18, 2019 the Bankruptcy Court for the District of New Mexico entered an order determining the redemption value of a highly modified pickup truck.

The Debtor purchased the truck in August of 2014 by obtaining a loan in the amount of $15,715.88 from State Employees Credit Union (Credit Union). Prior to filing bankruptcy, the Debtor made extensive changes to the truck. Originally a 1978 Ford F-150, it was modified to add four-wheel drive and a Super-Cab with the designation of an F-350. The Debtor valued the truck at $600.00 stating it needed repairs including a new transmission. The estimate provided did not include an amount for a transmission.

Subsequent to filing a chapter 7 bankruptcy, Debtor moved to redeem the vehicle for $1,500.00. The Credit Union objected.

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