Citation Codes Equivalent Citations citation codes Docket Number No. 80-00047-BKC-TCB; 80-0014-BKC-TCB Judges BRITTON, Bankruptcy Judge See more information ... Smart Summary Please sign up to generate summary. IN RE ALTENBURG. Bankruptcy Reform Act — Exempt Property — Automobile — Redemption BRITTON, Bankruptcy Judge An automobile intended primarily for the personal use of the debtor, and duly exempted under Section 522(d)(2) of the Bankruptcy Code, may be redeemed from a second lien by payment to that creditor only if the actual cost which the creditor must pay to file with the Department of Motor Vehicles an appropirate notice that its lien has been discharged if the market value of the vehicle is less than the amount owed on the first lien. See Sec. 522(d)(2) at ¶ 9207 and Sec. 722 at ¶ 10,102. [Digest of Opinion] The debtor sought to redeem his automobile from a second lien under Section 722 of the Bankruptcy Code. The automobile was intended primarily for the personal use of the debtor and had been exempted under Section 522(d)(2) of the Code. The first lien was valid and perfected and $2,580.52 remained owing. The court found that the present market value of the vehicle was substantially less than the amount owed on the first lien such that the creditor's second lien had no value. Thus, the court determined that the automobile could be redeemed from the creditor's lien by payment to the creditor only if such actual cost which the creditor must pay to file with the Department of Motor Vehicles an appropriate notice that its lien had been discharged. Accordingly the court ordered that the creditor file such notice forthwith.