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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have three contracts: one with business which gives me( my

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I have three contracts: one with business which gives me( my corp) patients, two with "subcontractors", who see these pt for me ( my corp). My corp. is paid by business, and it pays to these two "subcontractors" and myself. Without me there is no corp. I need to supervise these "sub's", hence they depend on me. These contracts are only worth what I make them worth. If my corp. is seized these two people have no job. The business will not give them any job w/o my supervision, and i will only supervise if I pay. For example. I have a pt to be seen for 10 visits. I perform. initial assessment, assign patient to my PTA, who sees pt for 8 visits and I go back for discharge. The referring business pays me for ten visit, and I pay my PTA for 8 visits. Other reason and value ( at least to me) is that I get to deduct second half of Fica And Medicare as cost of business. I cant think of anything else, that would be of value in my Corp. I will see CPA to ask about some assets listed on 2011 tax return. My questions is: how would the Trustee value my contracts?
*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.*

Put in that context it does appear that the contracts would have no value to anyone other than you. I suggest you meet with local counsel to time the filing of your bankruptcy petition to a time that the business is not indebted to your corporation. A trustee typically will not concern himself with whether the subcontractors will or will not have work
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Customer: replied 4 years ago.

Yes! However, there is 2 week delay in payments. WHat I( my corp) will produce after this week will be paid after I file ( plan on filing Oct 2-3, rest of September's work would be paid on 10-14 and 10-28). I can only present the bills to the Trustee and defend them.

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