In his Chapter 7 petition, Mr. Fields listed a 1987 Porsche 911 as non-operational and worth $500. The Trustee, however, obtained a on-site appraisal, which found the vehicle to be operable and worth between $12,000 and $30,000. After the Trustee declined to object, Mr. Fields did receive his discharge, but was unable to buy the vehicle from the Trustee. Instead he sought to have his discharge revoked and to convert to Chapter 13.
Relying on In re Marrama, 549 U.S. 365 (2007), the bankruptcy court held that due to both Mr. Fields’ failure to accurately value to vehicle and since he lacked income sufficient to support a feasible Chapter 13 plan, conversion was not allowed.
For a copy of the opinion, please see: