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Biggest Bankruptcy Headlines Of 2013

Charlotte Bankruptcy attorney Bryan W. Stone answers the question: “Can I get credit after filing personal bankruptcy?”

This past year was a big year for bankruptcy. Though the number of total bankruptcy filings in 2013 actually dipped, there were some big developments in the field that made headlines. The following is a list describing some of the biggest headline-grabbing bankruptcies of the year.

 

2013 Charlotte Bankruptcy Lawyer North Carolina Debt AttorneyFirst things first, 2013 was a banner year for municipal bankruptcies. Detroit set records when it announced its bankruptcy filing over the summer, far eclipsing the previous recorder holder (Jefferson County, Alabama). Mediators and financial managers are still haggling over the case and even considered the idea of selling off the city’s prized paintings to cover some of the debt. How this all shakes out will be watched closely by other debt-ridden municipalities that are curious to see how one major American city emerges from a complicated bankruptcy process.

 

Among famous people, Sinbad’s decision to file for Chapter 7 bankruptcy protection got a lot of attention this past year. The actor, whose real name is David Adkins, filed for Chapter 7 bankruptcy protection back in April. The filing was actually his second in only a few years, though his initial Chapter 7 from 2009 was dismissed by the judge due to Adkins’ failure to file his paperwork on time. The second time his bankruptcy was granted and Sinbad had $10.99 million in debts wiped away compared to his minimal $131,000 in assets.

More infamous than famous, Casey Anthony also filed for Chapter 7 bankruptcy protection this year. The Chapter 7 came just over two years after she was acquitted of murdering her young daughter, giving the woman another round of unflattering headlines. The filing listed Anthony’s liabilities of almost $800,000 and assets of just over $1,000. Among her debts, the largest was $500,000 owed to her attorney and another $150,000 to the local sheriff’s office for fees associated with the criminal trial. Just last month, a Florida judge granted Anthony’s bankruptcy petition.

 

In the corporate world, one of the big attention getters was the decision by Girls Gone Wild to seek Chapter 11 bankruptcy protection, a kind of bankruptcy generally reserved for businesses. The company said that the bankruptcy was needed after the founder of GGW, Joe Francis, lost several major legal cases. The bankruptcy petition lists the company’s liabilities at between $10 and $50 million while assets are between $0 and $50,000, indicating that the company has a long way to go before digging out from under its mountain of debt.

 

If you find yourself needing the services of a Charlotte, North Carolina bankruptcy attorney, please call the skilled lawyers at Arnold & Smith, PLLC today at (704) 370-2828. As professionals who are experienced in the bankruptcy arena, our attorneys will provide you with the best advice for your particular situation.

Source:

“6 Famous Bankruptcies of 2013,” by Karla Bowsher, published at MoneyTalksNews.com.

 

 

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