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In re Wright | 492 F.3d 829 (2007)

In a Chapter Thirteen bankruptcy, a debtor receives a discharge after complying with a debt adjustment plan that requires periodic payments to creditors. In In re Wright, we explore a controversial amendment to plan requirements by the Bankruptcy Abuse Prevention and Consumer Protection Act of Two Thousand Five.

Craig and LaChone Wright purchased a car using a purchase money automobile loan, meaning the car purchased with borrowed funds served as collateral securing repayment. The contract stated that if the Wrights defaulted, then the lender, Santander Consumer U S A, could repossess and sell the car. And because the loan was a recourse loan, if the repossessed car’s value was less than the loan balance, then the Wrights were liable for the deficiency.

Within nine hundred and ten days of purchasing the car, the Wrights filed for Chapter Thirteen bankruptcy. Although the loan balance exceeded the car’s value, the Wrights proposed a debt adjustment plan under which they would surrender the car to Santander in complete satisfaction of the debt. They believed that the hanging paragraph in Bankruptcy Code Section Thirteen Twenty Five A allowed such an outcome.

But the bankruptcy court disagreed, rejecting the Wrights’ proposed plan. The Wrights appealed to the Seventh Circuit.

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