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Many small disasters or a single catastrophe?

On Behalf of | Jan 3, 2014 | Personal Bankruptcy | 0 comments

A bankruptcy can be triggered by many events in life, such as medical bills caused by a serious illness or injury, by a divorce, which splits ups household resources and may generate expensive court costs and legal fees, or by a job loss.

Many families in Louisville can weather a lone event, but sometimes they combine to overwhelm an individual or family, leaving them financially and psychologically exhausted.

Other times, the event comes as a single, catastrophic blow. For those individuals, personal bankruptcy may be their only option. Outwardly, that appears to be what happened to Casey Anthony, whose 15 minutes of fame was intense, but cost her dearly. Her daughter was found dead, months after Casey claims she had “gone missing.” 

She was acquitted of the murder, but many people have the perception that she is not innocent of the little girl’s death, and this has left her in hiding, out of work, and it is why she has filed for bankruptcy.

With no income and no seven-figure book or TV-movie deals, and no prospect of paying down her debts which topped three-quarters of a million dollars, including her attorney fees and search costs that accumulated during the months before the child’s body was found, she had little choice but bankruptcy.

A bankruptcy judge has approved her discharge of her debts, excepting for any criminal fines or student loans she may have. Those type of debts, along with child support and taxes are generally not deductible in a bankruptcy.

If you are being slowly smothered by your debts or suffered a single blow than has rendered you financially insolvent, a bankruptcy attorney can help determine which type of bankruptcy will proved the most effective relief. 

Source: CBSNews.com, “Casey Anthony Won’t Have To Pay Most Of Her $790k Debt,” December 19, 2013