Income or asset...??

[jJimmy11111]

I filed ch 7 last week....no property....car and bike worth around $2000 each....
nothing else.........debts in the region of $250,000.....99% of which is the result of judgements from having signed personally for a defunct business debts.............no credit card debt or other personal debts.....Income is from a loosely worded contract that could be interpereted as either a contract of employment for one year or.....a contract to sell a business payable over one year........One very agressive creditor who WILL show up and object etc etc............
Is there any chance that the ongoing payments to me, if classed as an asset sale would be determined to......... now be income...??
Many thanks,

[HHM]

Yes, the ongoing payments, no matter how they are classified are an asset. And if its not employement, you might have a hard time exempting such income. (it might be considered a type of Note Payable or Accounts recievable).