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In 1987, Bank South repossessed and sold Jamie Lee Busbins 1979 Ford LTD automobile. The price that the automobile brought at the sale was $1,450
In 1987, Bank South repossessed and sold Jamie Lee Busbins 1979 Ford LTD automobile. The price that the automobile brought at the sale was $1,450 short of the amount Busbin owed Bank South. Bank South obtained a deficiency judgment for the $1,450 and garnished Busbins wages, collecting $896.46. Busbin filed a voluntary petition for a Chapter 7 bankruptcy discharge, listing Bank Souths claim for $1,450 as his sole debt. Busbin told the court that he intended to file a complaint to recover the $896.46 Bank South had already collected on the ground that the sale had not been conducted so as to obtain the highest price for the car, but he offered no evidence to support his contention. Busbin showed that he had a monthly net income of $1,150, expenses of $970, and disposable income of $130 and that he expected an income tax refund of $500. A motion to dismiss Busbins petition was filed, alleging that he had a present ability to pay his outstanding debts and that granting a discharge would be a substantial abuse of the provisions of Chapter 7. Will the court dismiss Busbins petition? Explain
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