United Bank of Rockford v. Nelson (In Re Nelson)

MEMORANDUM OPINION

RICHARD N. DeGUNTHER, Bankruptcy Judge.

This matter comes before the Court on the Complaint of United Bank of Rockford to Determine the Dischargeability of a Debt of the Debtors, Thomas W. Nelson and Sandra E. Nelson.

BACKGROUND

In February, 1980, the Nelsons purchased for $4000 a color camera, tape deck and screen. They paid $1000 down and financed the balance of $3000 through United. They were in default when the first payment became due. By the summer of 1980 they found themselv.es without funds to pay for living necessities and sold the equipment for $2400. Other items of…