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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Wow. thats a new curve ball. My corporation has no assets,

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Wow. thats a new curve ball. My corporation has no assets, no inventories other than approx 100$ worth of exercise equipment i use with my patients. there is nothing to take? ! in chapter 13 scenario, I would either surrender my rental, or repay market value less resale costs in 5 years, which I find impossible due to low disposable income. Re my primary home, my first loan was modified, i was sued for monetary compensation on second ( haven't paid it in 10 months). I replayed with motion to dis
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

Thanks for the new question

Q- My corporation has no assets, no inventories other than approx 100$ worth of exercise equipment i use with my patients. there is nothing to take? !
The exercise equipment is an asset of the corporation which almost certainly would be taken by the trustee in a chapter 7 bankruptcy



Q- in chapter 13 scenario, I would either surrender my rental, or repay market value less resale costs in 5 years, which I find impossible due to low disposable income
Not entirely correct. A chapter 13 bankruptcy can be used to strip away the 2nd mortgage if the first mortgage equals or exceeds the value of the property. "Strip away" means that the debt would be treated as an unsecured debt and only paid to the extent of your disposable income over a five-year period
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