A Chapter 7 bankruptcy often becomes necessary due to financial problems such as job loss, injury or an increase in the cost of living. Prolonged legal difficulties may also prompt a filing for Chapter 7. Readers in Jackson will be interested in the following national story on a Chapter 7 bankruptcy.
Casey Anthony, who was acquitted of murder in 2011, has filed for Chapter 7 bankruptcy, primarily due to her legal bills. Her bankruptcy filing shows that she owes a total of approximately $792,000, including about $500,000 to her defense attorney in the murder trial.
The Florida woman’s 2-year-old daughter was reported missing in July 2008 and her body was discovered near her parents’ home in December 2008. The woman was convicted of lying about her daughter’s disappearance.
The woman is also facing three lawsuits in connection with the case. One woman is suing the defendant for defamation of character because the plaintiff has the same name as a babysitter that the defendant claimed had kidnapped her daughter. The man who discovered the girl’s body has also filed suit, claiming the defendant’s attorney’s accused him of being the girl’s killer. And finally, Texas EquuSearch is suing the defendant, claiming that the search and rescue organization spent more than $100,000 searching for the defendant’s daughter.
People who file for Chapter 7 bankruptcy will typically retain most of their property due the number of property exemptions that are available under this type of bankruptcy. It may be necessary to liquidate some assets to pay down secured debt such as car loans and home loans. No matter what circumstances led to you to be faced with unmanageable debt, an experienced bankruptcy attorney can help walk you through the process.