Washington DC Bankruptcy Lawyer: Former Arkansas Coach John L. Smith Reaches Settlement With Creditors

Updating a blog post from last fall, former Arkansas Razorbacks football coach John L. Smith has reached a settlement with his bankruptcy trustee to return money he allegedly gave away or transferred before he filed for Chapter 7 bankruptcy last year.

According to Arkansas Business, Smith, his wife and children will return $165,000 in cash and $600,000 in property to settle the “fraudulent transfer” claims. John Lee, Smith’s trustee, said that between 2008 and 2012, Smith and his wife transferred $525,000 to his wife’s revocable trust. Also during that period, Smith and his wife gave their children $120,000.

Arkansas Business also reports that in addition to the money, the settlement will include 44 acres of undeveloped land in Jefferson County, Kentucky, valued at about $600,000. In February, creditors sued Smith to prevent him from discharging nearly $18 million in debt. Smith’s debt was reportedly at $40 million at the time of his bankruptcy filing. USA Today reported last fall that Smith arranged to have $600,000 of his $850,000 in pay deferred until after the end of the 2012-13 college football season, raising concerns about the validity of his case.

If you are struggling financially, our Washington DC and Maryland bankruptcy lawyer can help you with a free consultation if you fill out the contact form on this website or call (202) 888-8454 to schedule an appointment. We can offer you the best solution for whatever your debt issues may be.

Law Firm of Kevin D. Judd–  Maryland and Washington DC bankruptcy attorney

Judd’s Judgment: Bankruptcy puts a stop to collections, garnishments, repossessions, foreclosures and lawsuits, through an automatic stay.

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