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negotiate any agreement for partial payment, or otherwise taken
any legal action to try to collect from Mark Mann. However, as
of July 21, 1992, Mark Mann's liabilities to parties other than
petitioner were approximately $24,256; his only assets were a
travel trailer that served as his residence, worth approximately
$5,200, and a used truck, worth approximately $2,000.
In addition, approximately a year prior to petitioner's
cancellation of the advances--in approximately July 1991--Mark
Mann had sought credit counseling. At that time, Mark Mann
listed the balance then due petitioner as one of his debts, and
the counseling service recommended bankruptcy.
Moreover, in September 1991 Mark Mann became unemployed. He
remained unemployed throughout 1992, and collected unemployment
compensation during most or all of that year. As a result of
this unemployment, Mark Mann became unable to make the payments
arranged by the credit counseling service as they came due, and
he was struggling with his financial obligations flowing from a
recent divorce.
Finally, in March 1992 petitioner decided to discontinue,
and sold many of the assets of, its Government contracting
business, in which Mark Mann had worked.
Prior to his period of unemployment beginning in September
1991, Mark Mann had always believed he would be able to repay
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