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If i file for chapter 7, will this income from the sale of my gym be used as a asset against me, I sold my gym a few years back , and i am reciving payments for the next four years. I make very little income for the hours i work and relay and the monthly payment from the sale of the gym.
Do i need to add this income as a asset even thou i pay taxes on this, if i add this as a asset , will i lose this payment? Or will i have to file chapter 13? if so in which case i would never be able to afford to pay the trustie , any advice will be great, Thank you,
p.s if you should need any more info please let me Know, Jamie
I was told that the monthly income from the sale of the gym would be used as a asset and that i would lose that payment!!!!
I do recive a w2 at the end of the year in which i file taxes on that income,
I was told i would have to file chapter 13 because of that extra income,
With my wages and income the total per year before taxes =$41.000 for a family of two, could i still file for Chapter 7. Thank you Jamie