While many Americans may believe that professional athletes and celebrities are immune to financial and personal problems, this is not the case. Just like any other citizen, these individuals may be facing a mortgage foreclosure action or financial difficulties, which may be resolved by a personal bankruptcy.
An article in The Wall Street Journal discusses the details surrounding former National Basketball Association star Antoine Walker’s recent bankruptcy filing. Based on the article, the former NBA player owes casinos $1.27 million and owes creditors $12.7 million, while only possessing $4.3 million in assets. Mr. Walker filed for Chapter 7 protection in Miami at the U.S. Bankruptcy Court in which he will liquidate his assets to repay creditors.
While filing for bankruptcy or facing foreclosure is not something that most people anticipate they will ever experience, it is important to become as familiar as possible with the ins and outs of these processes.
The laws and guidelines surrounding bankruptcy and foreclosure resolution may vary on a statewide level. For instance, in New Jersey, if an individual who qualifies to file for bankruptcy under Chapter 7, may be able to retain all of their assets, while simultaneously eliminating the burden of debt. This may sound simple, but the truth is that this process is complex. Fortunately, New Jersey Chapter 7 bankruptcy lawyers are available to guide and advise those hoping to get a fresh financial start, which includes the elimination of: credit card debt; harassing telephone calls; collection letters; filing of liens; wage garnishments; and, much more.
For additional information regarding whether or not you qualify to file for Chapter 7 bankruptcy in New Jersey, please contact skilled Ocean County bankruptcy attorney Robert Manchel. Mr. Manchel has successfully assisted numerous individuals through the bankruptcy process. Mr. Manchel will help you determine the best course of action, based on your particular financial situation, assets, disposable income etc. Call 866-503-5655 today or visit http://www.bankruptcylawyer-nj.com/ to learn more about your bankruptcy filing options.