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Bankruptcy Archives

Bankruptcy did not ground investor

Although not usually thought of as a positive occurrence, bankruptcy doesn't always have to signify complete failure. Orlando residents may be interested to hear that over the past two years, an investor and a former Goldman Sachs partner rode the Wall Street roller coaster. In 1994, the now 65-year-old investor had his first taste of test when his private equity fund came to be. Between 2002 and 2004, the group became even stronger when it took over Regal Cinemas and merged with R.R. Donelly.

Comedian Sinbad files for bankruptcy for second time

Florida residents who follow celebrity news may have heard that comedian and actor David Adkins, better known by his stage name Sinbad, has reportedly filed for Chapter 13 bankruptcy. Sinbad, who has performed at comedy clubs in Florida and around the nation, is best known for his work in a string of successful movies such as "Jingle All The Way" and TV shows like "A Different World" in the 1990s. He has been featured in recent years on the reality TV program "Celebrity Apprentice" and a short-lived reality television show that documented his life after he remarried his wife and reunited under one roof with his two adult kids.

Trusts complicate bankruptcy issues

By definition, bankruptcy is a clearance of debts by someone facing financial hardships. People owed money by the individual filing bankruptcy do have rights to recover funds. Their rights to recover from trusts that the bankrupt individual holds have a number of issues that could be challenged in Florida proceedings.Trusts are created by an individual to hold assets to distribute to others in the future. A revocable trust can be ended and the assets reclaimed by the person creating the trust. An irrevocable trust cannot be ended by the actions of the person who created the trust. In revocable trusts, the creator of the trust controls the trust property until his death. Once the person dies, the trust assets are dispersed to the beneficiaries usually with the assistance of a trustee.

Casey Anthony does not want to sell story as part of bankruptcy

In 2011, Florida resident Casey Anthony was acquitted following a trial arising out of the death of her two-year old daughter, Caylee. She has since filed for bankruptcy. Anthony does not have any income and is currently unemployed. The amount of her debts was not disclosed.In March, the bankruptcy trustee petitioned the court for an order requiring Anthony to sell her life story. An attorney for Anthony objected on the grounds that bankruptcy is designed to provide people with a fresh start. Anthony has not yet written an autobiography or sold her story, and therefore any order requiring her to sell the story would force her to create something new. There are also concerns that the proposal may prevent Anthony from ever talking about her life after the proceedings are complete.

Florida bankruptcy case involves U.S. Bank

A businessman in Florida has been awarded $6 million by a jury after a finding against U.S. Bank. The jury found that the businessman was forced to file bankruptcy when the bank acted in bad faith. The verdict included $5 million in punitive damages, the largest amount awarded in the history of bankruptcy cases. Both the debtor and the bank are accusing each other of attacking and refusing to settle the dispute. The debtor accuses the bank of collection tactics that are akin to illegal loan shark activity, and the bank claims that it will appeal the decision based on its belief that the verdict was unfair. The bank has had only one other business in its equipment finance group file bankruptcy since 2006. 

Pros and cons of filing for bankruptcy

Residents of Florida who are struggling to make ends meet and have enormous amounts of debt may consider filing for bankruptcy. While each case depends on individual circumstances, there are some basic guidelines that can help people asses if bankruptcy is their best bet. Filing for bankruptcy can give someone a fresh start, but it is not without consequences.The main drawbacks associated with bankruptcy are loss of high-value assets and limited access to credit. If someone has certain types of property, it may be sold to pay off creditors during the bankruptcy process. Additionally, following a bankruptcy, credit will be limited and may be difficult to get without high interest rates and fees. It is also important to note that filing does not always discharge all debts. For example, student loans are often not covered by bankruptcy, but most debts are covered by filing.

Tomato shipping business in Florida files for Chapter 11

Apparently in hopes of continuing operations, East Coast Brokers & Packers have filed for Chapter 11 bankruptcy protection in the Florida courts. Besides being in the tomato shipping business, the owners of the packing company also own a hotel that has been closed for the last ten months.

Unpaid medical bills? Bankruptcy could be an option

Any Florida resident with unpaid medical bills will tell you that medical debt is frustrating. It is not like anyone wants to have unplanned medical emergencies. Yet, when an emergency happens, there is no other choice than to get the medical attention that is needed.

Bankruptcy relief may be coming to student loan debtors

In the sphere of national modern day politics, issues of debt and spending seem to dominate almost every discussion. One looming specter in many conversations of both private and government debt is the ever-increasing total of student loan debt. As the average amount owed by those pursuing or finished with higher education continues to rise, many are worried that these debts will make it impossible for future generations to prosper.

ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
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