Court of Appeals for the Ninth Circuit April 13, 2001, 00-15006 (In the Matter Of: Fred Lieberman (Deceased) and Florance Lieberman, Debtors. Florance Lieberman v. Robert Hawkins, Chapter 7 Trustee)

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.