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Bankruptcy Keyed to Levitan, 3rd Ed.
Till v. SCS Credit Corporation
Citation:
541 U.S. 465 (2004)Facts
In October 1998, Lee and Amy Till purchased a used truck for $6,395 plus fees and taxes, making a $300 down payment and financing the balance at a 21% interest rate through a contract that was assigned to SCS Credit Corporation. By October 1999, the Tills had defaulted on their payments and filed for Chapter 13 bankruptcy. At that time, they owed $4,894.89 on the loan, but the truck was worth only $4,000, making SCS’s secured claim limited to $4,000 with the remainder unsecured. The Tills’ proposed bankruptcy plan included paying SCS’s secured claim with 9.5% interest, calculated by adding a 1.5% risk premium to the 8% prime rate. SCS objected, arguing it was entitled to the 21% contract rate. The Bankruptcy Court approved the Tills’ plan, but the District Court reversed, and the Seventh Circuit affirmed the reversal with a modified approach.
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