Steven J. and Michele D. Scagliotta - Page 7

                                           - 7 -                                             

          Bankruptcy Court decreed that petitioner held a secured claim of                   
          $18,913.02 against Ms. Marshall.  Even though Ms. Marshall had                     
          made no payments on the $38,000 loan, the Bankruptcy Court found                   
          that, in the informal agreement between petitioner and Ms.                         
          Marshall in their ownership of the subject properties, each party                  
          was to make equal contributions of money and labor and that labor                  
          provided by a coowner would be valued at $7 to $10 per hour.  The                  
          Bankruptcy Court found that Ms. Marshall had provided excess                       
          labor to the properties that accounted for reduction of the                        
          indebtedness from $38,000 to $18,913.02.  In total, the                            
          Bankruptcy Court decreed Ms. Marshall's indebtedness to                            
          petitioner to be $33,875.97 based upon the following:                              

          Loan on July 2, 1987                                 $38,000.00                    
          Loan on July 17, 1990                                 10,000.00                    
          Jan. through May 1990 mortgage payments                4,962.95                    
          Total loans and advances (exclusive of interest)      52,962.95                    
          Less credit on the $38,000 indebtedness              (19,086.98)                   
          Net indebtedness                                     $33,875.97                    

          The Bankruptcy Court ordered a sale of the properties owned by                     
          Ms. Marshall, including the four properties in which petitioner                    
          owned undivided interests.  Of the net proceeds from the sale of                   
          these properties, petitioner received $17,756 for his interests                    
          in the properties.  With respect to Ms. Marshall's interests in                    
          the properties, $17,756 was turned over to the bankruptcy trustee                  
          to be held for distribution to the creditors of the bankruptcy                     
          estate.  As of trial of this case, petitioner had not received                     




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011