Argued and Submitted February 5, 2001 — Pasadena, California.
DAVID R. THOMPSON, Circuit Judge:
When Fred Lieberman reached 65 years of age, he sold his business. The buyer agreed, in part, to pay him $13,600 per calendar quarter over a ten-year period for his three-year covenant not to compete. When the sale closed, Lieberman retired.
Several years later, the Liebermans filed a Chapter 7 bankruptcy petition. They contended the quarterly payments...
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