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IN RE PENICK

Bankruptcy No. ST 94-81035.

170 B.R. 914 (1994)

In re Emma M. PENICK, Debtor.

United States Bankruptcy Court, W.D. Michigan.

August 9, 1994.

Attorney(s) appearing for the Case

Paul I. Bare, Traverse City, MI, for debtor Emma M. Penick.

Timothy J. Abeska, South Bend, IN, for GMAC.

MEMORANDUM OPINION AND ORDER REGARDING APPROPRIATE VALUATION STANDARD FOR REDEMPTION

JO ANN C. STEVENSON, Bankruptcy Judge.

Emma Marie Penick ("Debtor") filed her voluntary Chapter 7 petition on March 8, 1994. On April 25, 1994 the Debtor filed her motion to redeem a 1989 Geo Spectrum on which General Motors Acceptance Corporation (GMAC) is owed $4,465.07. Debtor claims that the vehicle is only worth $800 and seeks to redeem it for that amount...

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