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Young Buck Stay

Young Buck Stay

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Published by melaniel_co

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Published by: melaniel_co on Jan 10, 2011
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01/10/2011

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IN THE UNITED STATES BANKRUPTCY COURTFOR THE MIDDLE DISTRICT OF TENNESSEEat NashvilleIn re:DAVID DARNELL BROWNDebtor(s).))) Case No. 10-11399) Chapter 13) Judge George C. Paine II))WELLS FARGO FINANCIAL TENNESSEE,INC.Movant,v.DAVID DARNELL BROWN , andHENRY E. HILDEBRAND III, Trustee,Respondents.))))))))))MOTION BY WELLS FARGO FINANCIAL TENNESSEE, INC.FOR RELIEF FROM THE AUTOMATIC STAY
Wells Fargo Financial Tennessee, Inc.
(“
Wells Fargo
”), a secured creditor, by and
through its counsel, moves this Court to grant it relief from the automatic stay. In support of thisMotion, Wells Fargo states as follows:1. This Court has jurisdiction over this contested matter pursuant to 28 U.S.C. §§157 and 1334. This Motion is a core proceeding pursuant to 28 U.S.C. §157(b)(2)(G).2. On October 21, 2010, the Debtor filed for relief under Chapter 13 of the UnitedStates Bankruptcy Code in the Middle District of Tennessee
(the “Petition Date”).
 3. Wells Fargo is a secured creditor of the Debtor by virtue of a Retail InstallmentSale Contract dated January 21, 2005
(the “Contract”), for which Debtor 
purchased a certain 2002 BMW X5 bearing VIN 5UXFA53572LP32282 (the
“Collateral”).
 
 
4. Wells Fargo was granted a first priority, unavoidable, validly perfected securityinterest in the Collateral as evidenced by its notation as lienholder on theCertificate of Title.5. A copy of the Contract and the Certificate of Title are attached to the Proof ofClaim filed by Wells Fargo.6. As of January 7, 2011, the payoff on the Contract was $6,889.18.7. The Debtor is in default under the Contract to Wells Fargo for nonpayment of theamounts due thereunder in the approximate amount of $5,140.93, whichrepresents approximately 7 months in contract payments.8. Debtors are required to maintain insurance against loss or damage to the subjectCollateral.9. Wells Fargo has not received, nor has it been offered, adequate protection for itsinterests in the subject Collateral, including proof of insurance against loss ordamage to the subject Collateral.10. Cause exists for relief from the automatic stay pursuant to 11 U.S.C. § 362(d).11. Pursuant to 11 U.S.C. § 554(b), abandonment by the Trustee is just and proper.12. Wells Fargo additionally requests that the provisions of Fed. R. Bankr. P.4001(a)(3) be waived, and Wells Fargo be allowed to immediately enforce anyorder entered granting it relief from stay.WHEREFORE, Wells Fargo Financial Tennessee, Inc. requests that:1. The Court grant relief from the automatic stay to permit it to foreclose upon andotherwise exercise its right with respect to the Collateral in accordance withapplicable non-bankruptcy law;2. T
he Trustee’s abandonment of t
he Collateral be approved;3. Wells Fargo be granted the right to file an amended proof of claim uponliquidation of the Collateral.
 
4. The provisions of Fed. R. Bankr. P. 4001(a)(3) be waived; and5. Wells Fargo be granted such other and further relief as the Court deemsappropriate.Respectfully submitted, /s/ Victoria FerraroVictoria Ferraro (020707)PROCHASKA THOMPSON QUINN &FERRARO, P.C.401 Church Street, Suite 2600Nashville, Tennessee 37219Phone: (615) 242-0060Facsimile: (615) 242-0124Email:victoriaferraro@ptqflelgal.com Attorneys for Wells Fargo FinancialTennessee, Inc.

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