Question

On October, 13, 2011, the debtor, Carl Davis, purchased and took possession of a 2010 BMW 328i. The debtor granted a security interest in the car to the dealer in the purchase contract, which the dealer then assigned to BMW. On Dec. 24, 2011, the Department of Motor Vehicles issued a certificate of title for the car, noting BMW's security interest. BMW did not file a financing statement. On January24, 2012, less than 90 days after BMW's lien was noted on the certificate of title, the debtor petitioned for relief under Chapter 7 of the Bankruptcy Code, listing the car as the bankruptcy estate's only asset. The Trustee in Bankruptcy argued that BMW's security interest was never properly perfected since BMW never filed a financing statement, and was, therefore, inferior to its claim.

write a brief on behalf of Plaintiff or Defendant. Your grade will be based upon: (1) quality of writing(2) depth of analysis and legal reasoning(3)quality of research--you must cite at least one external source that guided the analysis. (4) demonstrated ability to use MSWord in an appropriate and professional manner

[I. Statement of the Facts (Brief recitation of the facts) II. Issue (Legal question) III. Application (Apply the law to the facts) IV. Decision (Conclusion)]

Answer 1

I. statement of facts :

* Assets you own or entitled to receive at the time thou file bankruptcy are considered as assets in bankruptcy filling.

* while filling bankruptcy court requires you to segregate assets as per various schedules available.

* real properties are the ones that can be listed in your bankruptcy certificate if u have a legal interest in it.

* the respective certificate includes two schedules viz Schedule A and Schedule B where as in

schedule A relates to real proporties , list of properties along with their discription and accurate loc

ation is to be written.

Nature of interest involved in out and current value of that financial interest is to be quantified.

The % of ownership is also neccesary to specify.

* personal properties are all the non - property stuff owned by bankrupted individual

* so at the time of filing petition , list out all the personal properties owned. Their discription , location , financial interest and % of ownership.

* the types of properties that include are automobiles , boats , books , machinery.

* a final schedule C includes tho list out those assets which can be opted to exempt from bankruptcy along with value of exemption.

* but if I case it can't be exempted , bankruptcy trustee may seize it on behalf of creditors.

II. Given details in question

* debtor bought BMW in 2011

* debtor granted security interest to dealer in purchase contract.

* certifucate of title given in the name of debtor and clear notification of security interest is also made.

* in following financial year the respective BMW is not shown as asset in carl davis balance sheet.

* now car is listed in schedule C of bankruptcy petition by carl davis stating that is his only asset available.

III. Applying rules

* the owner of title is remained in the name of carl davis in purchase contract. Thus it is termed as his property and is neccessary to list out in schedule B of bankruptcy petition stating the date of purchase , location , % of security interest and % of carls ownership excluding security amount.

* now that he wanted to get exemption in this regard he hasto list the same in schedule C of bankruptcy petition stating ownership , value and location of property.

* now the bankruptcy trustee on observing the reasonabilities of the situation at his option can seize the car.

IV. Conclusion

* car is an undividable asset in which the carl possess % of ownership. Thus , trustee would sieze it. Sell it in market. Shall pay the security provider his share and pay if any remaining to Carl Davis.