Tag Archives: Chapter 7

Maryland Chapter 7 Bankruptcy Attorney Reports on Casey Anthony Filing

Casey Anthony, who was acquitted in 2011 of killing her 2-year-old daughter Caylee in Florida, has filed for Chapter 7 bankruptcy. According to the Associated Press, Anthony’s debts include $500,000 for attorney fees; $145,660 for the Orange County Sheriff’s office for investigative fees and costs related to the case; $68,540 for the Internal Revenue Service (IRS) for taxes, interest and penalties; and $61,505 for the Florida Department of Law Enforcement for court costs. Anthony listed 80 creditors in her bankruptcy filing, with debts mostly related to legal, medical, psychiatric and forensics consulting or services. She is also a defendant in several civil lawsuits, including one for defamation, according to the filing. Chapter 7 bankruptcies typically result in the discharge of unsecured debts like credit card debt and medical bills; however, there are some non-dischargeable debts including: Federal, state, and local tax deficiencies from the previous three years Criminal restitution Court…
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Gary Busey Emerges from Chapter 7 Bankruptcy

Lethal Weapon actor Gary Busey emerged from bankruptcy last week, discharging more than $50,000 worth of debts. Busey, 68, filed for Chapter 7 bankruptcy in California last February, owing more than $500,000 to creditors. According to TMZ, Busey’s bankruptcy will allow him to retain $26,000 in assets and discharge $57,000 in debt. However, Busey still owes more than $450,000 in debt to the federal government and the state of California in back taxes. Although Busey was not able to discharge his back taxes, an individual filing for Chapter 7 bankruptcy may be able to if they meet certain requirements, which include: The tax debt is for income tax and not other forms of taxes like payroll or sales tax The IRS or state you live in assessed the tax at least 240 days prior to your bankruptcy filing Your tax return for the debt was filed at least two years…
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Chapter 7 Bankruptcy Rules

The latest Chapter 7 bankruptcy rules make it more difficult for some bankruptcy filers to file under Chapter 7. Liquidation under Chapter 7 bankruptcy is the most popular way to file for bankruptcy. Chapter 13 allows for a repayment of debts by the filer. The new bankruptcy rules state a few new requirements to file under Chapter 7: Must have lower than median income Must be unable to pay back debts Must complete credit counseling The old bankruptcy rules allowed the filer to choose whether he wants to file under Chapter 7 or Chapter 13. Now, the filer must look at his income and must earn less than the median income for his household size in his state. If the income of the filer is less than the median income, the filer may file for Chapter 7 bankruptcy. The Chapter 7 bankruptcy filer must also be unable to pay back…
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