The Hanging Paragraph – Hanging on Every Word Part 2 of 4

By Anthony J. Gomez, CPA, former extern to the Honorable John P. Gustafson, Northern District of Ohio at Toledo

III. Applying the Hanging Paragraph

a. Application of the Hanging Paragraph – Timing of Debt

In order for the hanging paragraph to apply, the debt must be secured by a purchase money security interest (“PMSI”) in either: 1) a motor vehicle acquired for the debtor’s personal use, or 2) any other thing of value. In re Ellegood, 362 B.R. 696, 700-03 (Bankr. E.D. Va . . .

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