Archive for the ‘legal’ Category
Here’s some bankruptcy information that can be helpful when dealing with exceeding debt: it does not
happen to ordinary people only! In fact, a wide range of important people can be found among the bankruptcy
petitioners.
An opulent lifestyle and a bad management of your finances eventually lead to bankruptcy even if you are
making millions of dollars. Here are ten important people that went from rich to bankrupt:
1. King Philip II of Spain declared bankruptcy four times during his reign.
2. Abraham Lincoln was forced to file for bankruptcy twice due to loans from family and friends and
several businesses that failed.
3. Walt Disney went bankrupt before becoming famous when the sponsors of his company pulled out.
4. Burt Reynolds had to sell his trademark mustache to cover his $11.2 million debt.
5. M.C. Hammer filed under Chapter 11 after buying an expensive mansion and dealing with two
copyright violation complaints.
6. Michael Jackson filed for bankruptcy in 2007 for inability to repay a $25 million loan. He was in a
$400 million debt at the time of his death.
7. Tony Braxton claimed to owe about $50 million when she filed for bankruptcy for the second time.
8. Mike Tyson got into a $27 million debt due to luxurious lifestyle combined with bad management.
9. Donald Trump, although never declaring personal insolvency, filed for corporate bankruptcy for four
By just taking a look at the bankruptcy information above and at the outrageous amount of money some
of these celebrities owed, your debt will probably seem less significant than before.
Despite the fact that there are actually five different types of
bankruptcy filings available, the most common is Chapter 7 and 13. These are designated for individuals, rather than corporations. However, the proceedings are still very different.
Chapter 7
In this model, also known as liquidation, debts may often be discharged. The courts look at the assets the individual has and liquidate those eligible in order to pay for the debt. The person does not necessarily lose everything though contrary to popular belief. Certain items may be retained and will vary on an individual basis.
Chapter 13
This is more or less a repayment plan that may span from 3 to 5 years. Although debts are repaid, the amount may be reduced in certain cases with exception to secured debts and property taxes for example. The individual gets to retain their property and some bills may still be discharged by the courts.
Many people have chosen to retain a
mesothelioma attorney in their case to help represent them and get the most money from companies and businesses that have caused them severe pain and suffering. There are many reasons to hire a lawyer in mesothelioma and asbestos cases.
Many products used to contain asbestos and so many patients have been exposed to it several times over their lifetime. In order to create a strong case, many patients hire a lawyer to prove how a specific product contributed to the cancer. A lawyer can also help find any defendants that you may not have considered because many major defendants have since filed bankruptcy. Getting a mesothelioma attorney can also ease some of the stress for people that have recently been diagnosed. There is a statute of limitations for these types of cases meaning that they are on a time limit, and while struggling with cancer there may be too much stress for some patients to handle the lawsuit case all on their own.
Chapter 7 bankruptcy is sometimes called a straight bankruptcy. It is a liquidation proceeding. The person who is in debt turns over all non exempt property to the bankruptcy trustee who then gives cash to the creditors. The person in debt then receives a discharge of all dischargeable debts which usually takes about four months to complete. In most of the cases the debtor has no assets that he would lose so chapter 7 will give the person a fresh start. One of the purposes for having the bankruptcy law is to give the person who is in debt and can’t get out of it a fresh start by wiping out that person’s debts.
So if you don’t own a home or vehicle and are in need of assistance with all of your debts you should talk to a bankruptcy lawyer today.
DUI penalties can be quite perplexing to those that are not familiar with the judicial system. The accused may often not understand the sentencing, procedures and other aspects associated with the sentencing or foresee this as a minor charge. However, driving under the influence can be more than “just a slap on the wrist” even for a first offense.
Possible Imprisonment
Other than the initial rest, pleading guilty towards such a charge can carry jail time. While the maximum sentence period will vary by the charge and individual circumstance, even a misdemeanor can come with a stiff sentence. Loss of job and reputation often accompanies imprisonment.
Large Fines and Heavy Fees
Those facing a DUI are also facing paying large fines and heavy fees. In addition to court costs, they may have to pay to attend driving school and fines. Although these amounts will vary, they can equal large sums of money.