Order denying the debtor’s motion for default judgment. The debtor sought to strip the second lien on his personal residence pursuant to 11 U.S.C. § 506. Although the record indicated that the creditor had an allowed secured claim, the debtor asserted that the lien was not secured when it was created because the value of senior liens exceeded the value of the residence. The court held that the value of an allowed secured claim can not be determined until the petition is filed. By the time the petition was filed, the creditor had an allowed secured claim; therefore, the debtor could not strip the lien.
File:
Date:
05/10/2010