Carter v. Trammell (In Re Trammell)

FINDINGS OF FACT AND CONCLUSIONS OF LAW

MARY D. SCOTT, Bankruptcy Judge.

THIS CAUSE is before the Court upon the trial of the complaint to determine dis-chargeability of debt. The plaintiff Gary Carter is a certified public accountant who practices in Ashdown, Arkansas. Carter previously owned an accounting practice in the Dallas-Fort Worth area, but moved to the Texarkana area to be near his elderly parents. In March of 1988, Carter joined the debtor Trammell’s firm, purchasing a one-half interest in that practice for $40,000. $25,000 of that amount was in the form of two promissory notes, the…