Robert G. and Lana L. Gale - Page 8

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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