Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).