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Debtor buys a new car for $ 3 0 , 0 0 0 and finances the entire purchase at Chase Bank ( the car is

Debtor buys a new car for $30,000 and finances the entire purchase at Chase Bank (the car is the collateral for the loanChase Bank is a secured creditor). The car is financed over a seven-year period. After almost five years, when the car is worth $8,000(the cash value of the car), and the debtor owes Chase Bank $11,000, Debtor files a petition for Chapter 7 bankruptcy. Assuming in this bankruptcy case, general creditors get 10 cents on the dollar for their claims, how much will Chase Bank get in this Bankruptcy case?

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