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Assets
Blazer $25,000
Cash accounts 1,068
Investments -0-
Jewelry 1,500
Computer 400
Furniture/appliances 2,000
Total assets $29,968
Liabilities
2nd mortgage 39,274
RC Willey 1,300
Providian 2,250
Chase Mastercard 5,000
AmeriCredit 32,465
Medical 550
Medicine 900
Discover card 2,500
Texaco 1,500
Mrs. Gale’s stud. 6,000
Dentist 1,100
Total liabilities (92,839)
Net liabilities (62,871)
Although Mr. Gale believes that his CSRS pension benefit
would have been about $858 per month had he retired in 2003, he
did not provide any statements related to the value of that
pension or his thrift savings account on the date the second
mortgage was canceled. We have no way to accurately estimate the
value of those assets on the date the second mortgage was
canceled, and petitioners have not established that the combined
value of Mr. Gale’s thrift savings account and CSRS pension
benefit was less than $62,871 on that date. Consequently,
petitioners have failed to establish that they were insolvent
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Last modified: May 25, 2011