Posts Tagged ‘chapter 7

22
Apr
13

Casey Anthony Story For Sale In Bankruptcy

Noted non-murderer (just like OJ) Casey Anthony filed for Chapter 7 bankruptcy in January of 2013.  She listed nearly $800,000 in debt and is currently making no money.

Even though she lists no source of income, the Trustee thinks she has something of value and wants to auction it for the benefit of creditors…………her life story.  Exclusive rights to Anthony’s life story including her “version of the facts, her thoughts and impressions of whatever nature, in so far as these pertain to her childhood, the disappearance and death of her daughter…her subsequent arrest…” etc.

So far the reported offers have been $10,000 and $12,000.  Why so little?  This seemed to be a big case at the time.  It’s possible that in this 24 hour news cycle world there is no large demand for stories we know so much about.  Maybe the perception is that Anth0ny is guilty and no one wants to tell the life story of a child murderer even if she was acquitted. A 2011 poll voted Anthony the most hated person in America beating out such then-celebs as the Octomom and Paris Hilton and yes, even O.J. Simpson.

There does seem to be a good deal of Anthony’s story to tell: there were allegations of sexual abuse by Anthony’s father, George, which came up during the trial; what exactly happened and what was Anthony thinking during the  31 days between when her daughter, Caylee, went missing and when her disappearance was reported to the authorities; her time in jail and what her life has been like since being acquitted.

Then there is the question of whether the Trustee in the case even has the authority to sell her life story since, by all accounts, it has never been done before.  We’ll see if the court in the case allows the sale and if a sale occurs.  Anthony’s trustee and her attorneys brought the issue before federal bankruptcy Judge K. Rodney May in Tampa, Fla.,  on April 9, 2013, who decided he would make a decision 30 days from now on whether the worldwide exclusive rights to her life story can be auctioned off for cash.  One bidder reportedly wants to buy the rights so her story never gets told, the second wishes to use the rights for their entertainment value.

Contact the Zarcone Law Firm today at 619-800-3082 for a FREE no obligation consultation.

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16
Dec
10

Small Business Filing for Bankruptcy? Don’t Forget the Small Stuff.

Times are tough, your small business has fallen behind on bills, and creditors are filing suit.  You make the decision to file for bankruptcy and liquidate the business.  When listing the assets of the company, don’t forget the small stuff.

Your company name, web address, phone number and other intangibles may have value and should be listed as an asset.

Chances are unless your Microsoft or Home Depot these items are not going to have much value and it’s not going to be worth the trustee’s time to try to sell them.  Nevertheless, in my personal experience I have run across creditors who were interested in purchasing the phone number and company name.  So for practitioners and debtors alike, be sure to keep in mind the small stuff when listing assets.

www.financialfreshstart.org

info@financialfreshstart.org

13
Dec
10

Myths About Bankruptcy

Sometimes, a fresh financial fresh start makes sense – just don’t fall victim to the common myths and misperceptions about Bankruptcy.

Bankruptcy has a bad reputation based on a little bit of truth and a great deal of unknown. Now, if you’re considering filing bankruptcy, of course not everything has turned out perfectly in your financial world.  But bankruptcy can be your ticket to a better financial future.

All debts are wiped out in Chapter 7 bankruptcy. Not exactly. Certain types of debts cannot be erased. They include child support and alimony, student loans, most taxes and debts incurred as the result of fraud.

I’ll lose everything. This is the myth that keeps people who really should file for bankruptcy from doing it.  You’re not left with a barrel and suspenders to wear.  Most Chapter 7 cases are “no asset” cases where the bankruptcy trustee does not take any property whatsoever either because it is exempt from sale or the property doesn’t have a fair market value that makes it worth the time to attempt to sell it.

All my neighbors and friends will know I’ve filed for bankruptcy. Unless your friends and neighbors are going to search public records the chances are very good that the only people who will know about a filing are your creditors. Bankruptcy is a public legal proceeding but the numbers of people filing are so large, very few publications have the space, the wherewithal or the inclination to run all of them.

I’ll never get credit again. Not necessarily. You will be able to obtain credit, it will just cost more as in a higher interest rate and/or more money down.  However, if your credit is shot, you’re already struggling to find credit and if you do it is already expensive.

Only deadbeats and cheaters file for bankruptcy. Many times the reason people fall behind on their debts is because something traumatic has occurred – the loss of a job, a medical emergency, etc.  The lack of income, the staggering medical bills, or other tragedy becomes overwhelming.  It happens to the best of people.  Bankruptcy offers a financial fresh start.

I can run up my credit cards and if I have to I’ll just file for bankruptcy. Filing for bankruptcy is the worst ‘negative’ you can have on your credit report. Unlike other negatives, which stay on your report for seven years, bankruptcy can be there for 10 years.  And if your thinking about filing for bankruptcy and decide “well, I’m going to file bankruptcy anyways, I might as well max out my cards before I do it” that’s fraud.  That could land you in a world of hurt you’d much rather avoid. Bankruptcy is not a step one should take lightly.

Find out more at http://www.financialfreshstart.org.

info@financialfreshstart.org




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The content found on the financialfreshstart Blog is not legal advice and is purely for informational purposes. The Zarcone Law Firm does not guarantee the accuracy, integrity or quality of submissions. The information provided by the bloggers on this site may not represent the opinions of the Zarcone Law Firm or its affiliates. The information contained herein is not a substitute for the advice of an attorney.

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