FAIR VALUATION OF COLLATERAL.

SEC. 327. FAIR VALUATION OF COLLATERAL. Section 506(a) of title 11, United States Code, is amended by—(1) inserting “(1)” after “(a)”; and(2) by adding at the end the following: “(2) If the debtor is an individual in a case under chapter 7 or 13, such value with respect to personal property securing an allowed claim shall be determined based on the replacement 119 STAT. 100 value of such property as of the date of the filing of the petition without deduction for costs of sale or marketing. With respect to property acquired for personal, family, or household purposes, replacement value shall mean the price a retail merchant would charge for property of that kind considering the age and condition of the property at the time value is determined.”.