UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF FLORIDA

MIAMI DIVISION

In Re:

Raul Espinosa Judge Robert A. Mark

Case No. 20-19203-RAM

Debtor. Chapter 13

__________________________/

OBJECTION TO CONFIRMATION OF CHAPTER 13 PLAN

NOW COMES Citizens Bank, N.A. (hereinafter “Objecting Creditor”), by and through its

undersigned attorney, and files this objection to the Chapter 13 Plan and hereby states:

1. The Debtor executed a Retail Installment Sale Contract for the purchase of a 2015

BMW 5 Series, VIN: WBA5A5C53FD515905 (hereinafter “Collateral”) on June 20, 2016. A

copy of the Contract is attached hereto as Exhibit “A”. A copy of the Electronic Title from

DealerTrack Technologies is attached hereto as Exhibit “B”.

2. The Debtor filed a Chapter 13 bankruptcy on August 26, 2020.

3. Objecting Creditor filed a secured proof of claim on September 01, 2020 in the

amount of $20,710.48.

4. The debt for the Collateral was incurred June 20, 2016, which is more than 910

days before the date of the filing of the petition

5. On September 3, 2020, Debtors filed a Chapter 13 plan with this Court proposing

to pay Citizens Bank N.A. $12,500.00 as a secured claim.

6. The amount of a secured claim “shall be determined based on the replacement

value of the property securing the claim as of the date of the filing petition without deduction for

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cost of sale or marketing.” Replacement value is defined by § 506(a)(2) as “the price a retail

merchant would charge for property of that kind considering the age and condition of the

property at the time the value is determined.”

7. Pursuant to 11 U.S.C. § 506(a)(1): “An allowed claim of a creditor secured by a

lien on property in which the estate has an interest ... is a secured claim to the extent of the value

of such creditor’s interest in the estate’s interest in such property ... and is an unsecured claim to

the extent that the value of such creditor’s interest ... is less than the amount of such allowed

claim.”

8. The retail value of the Collateral is $17,550.00 pursuant to NADA Guidelines.

NADA Guides valuation is attached hereto as Exhibit “C”

9. Plan should not be confirmed pursuant to 11 U.S.C. § 1325 (a)(5)(B)(ii) because it

proposed to pay Objecting Creditor less than the amount of its allowed secured claim.

10. The requested hearing time is fifteen (15) minutes

WHEREFORE, Objecting Creditor objects to the confirmation of the Chapter 13 plan and

requests an order sustaining Objecting Creditor’s objection together with such other relief as this

Court deems just and proper.

/s/ Geoffrey J. Peters

Geoffrey J. Peters, Esq. (Bar No. 66239)

Weltman, Weinberg & Reis Co., L.P.A.

Counsel for Citizens Bank, N.A.

3705 Marlane Drive

Grove City, OH 43123

(614) 883-0678

(614) 801-2601 (fax)

gpeters@weltman.com

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CERTIFICATE OF SERVICE

I hereby certify that a copy of the foregoing Objection to Confirmation of Chapter 13 Plan and

all attachments has been served by regular U.S. mail and/or electronically to the individuals

listed below on September 10, 2019.

Raul Espinosa, 1535 W 3rd Ave Hialeah, FL 33010

Robert Sanchez, 355 W 49th St Hialeah, FL 33012

Nancy Neidich, PO Box 279806, Miramar, FL 33027

Office of the US Trustee, 51 S.W. 1st Ave., Suite 1204, Miami, FL 33130

/s/ Geoffrey J. Peters

Geoffrey J. Peters, Esq. (Bar No. 66239)

WWR #040673089

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