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IN RE VELEZ

No. 10-10708 (SCC).

431 B.R. 567 (2010)

In re Javier VELEZ, Debtor.

United States Bankruptcy Court, S.D. New York.

July 7, 2010.

Attorney(s) appearing for the Case

David J. Babel, Esq., P.C. by David J. Babel, Esq., Bronx, NY, for Debtor Javier Velez.

Jeffrey L. Sapir, by Jody L. Kava, Esq., White Plains, NY, for Standing Chapter 13 Trustee.

MEMORANDUM OPINION AND ORDER GRANTING DEBTOR'S MOTION TO MODIFY INTEREST RATE OF SECURED CLAIM

MARTIN GLENN, Bankruptcy Judge.

This case raises the issue whether a debtor, as part of a proposed chapter 13 plan, may modify the contract interest rate payable on an allowed secured claim for a so-called "910-vehicle" that is subject to the so-called "hanging paragraph" of section 1325 of the Bankruptcy Code. The debtor concedes that the principal amount of the...

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