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IN RE McNAIR

Bankruptcy Nos. 90-20058-B, CMN: 90-392-B.

115 B.R. 520 (1990)

In re Gregory L. McNAIR, Sr., Julie B. McNair, Debtors. Gregory L. McNAIR, Sr., Julie B. McNair, Movants, v. CHRYSLER FIRST FINANCIAL SERVICES CORP. OF VIRGINIA, Respondent.

United States Bankruptcy Court, E.D. Virginia, Norfolk Division.

June 6, 1990.

Attorney(s) appearing for the Case

Diane B. Fenton, Virginia Beach, Va., for debtors/movants.

Albert C. Selkin, White and Selkin, Norfolk, Va., for respondent.

Frank J. Santoro, Portsmouth, Va., Chapter 13 Trustee.

Debera F. Conlon, Norfolk, Va., Asst. U.S. Trustee.

OPINION AND ORDER

HAL J. BONNEY, Jr., Bankruptcy Judge.

There is a basic principle of bankruptcy law which some have had difficulty accepting:

A claim is secured only to the extent of the value of the property on which the lien is fixed; the remainder of that claim is considered unsecured. United States v. Ron Pair Enterprises, Inc., 489 U.S. 235, 109 S.Ct. 1026, 103 L.Ed.2d 290 (1989).

Indeed, the...

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