July 26, 2012 (Press-News.org) Former Tennessee Football Player Files Chapter 11 Bankruptcy
Football player Jamal Lewis, who once played for the Tennessee Volunteers and went on to have a professional football career in the NFL, filed for bankruptcy in June of 2012. While stories about professional athletes with money troubles are not uncommon, what may be surprising about Lewis' case is that he filed for Chapter 11 bankruptcy protection -- the type most people associate with business reorganizations. Chapter 11 bankruptcy is available to individuals in some cases and offers people several benefits.
High Assets, High Debts
In his bankruptcy petition, Lewis listed $14,455,854 in assets, including five houses, several cars and part ownership in a water park in Ohio.
Lewis may appear to have a lot of money, but he also listed $10,566,764.18 in debts on his petition. Bank of America has a lien on Lewis for $947,876 and auto makers Benz and Chrysler have liens for a total of $128,000. M&T Bank also obtained a judgment against Lewis for over $350,000 after they claimed he defaulted on a business loan. Other creditors say he owes them for failed business attempts, such as a trucking company he tried to start, and for the construction of some of his homes.
Chapter 11 for Individuals
Lewis' financial situation is an excellent illustration of when an individual, rather than a business, would file Chapter 11 bankruptcy. Chapter 11 bankruptcy is "reorganization" bankruptcy, similar to Chapter 13 bankruptcy. People who want to restructure debt but have liabilities that exceed the limits of Chapter 13 may need to file Chapter 11.
When determining whether a person needs to file Chapter 11 bankruptcy rather than Chapter 13, the court looks at the amount of secured and unsecured debt a person has. The calculation can get complex, as the court will assess not only how much a person owes on property, but also the property's value, when looking at secured debt.
Benefits of Bankruptcy
For people who qualify, Chapter 11 bankruptcy can offer several protections while allowing filers time to restructure their finances. Chapter 11 can also help a person save a home from foreclosure or save a vehicle from repossession, as filing bankruptcy puts an automatic stay on all collection actions by creditors. Creditors may not even contact a debtor once he or she has filed a bankruptcy petition.
Talk to a Lawyer
Deciding whether to file bankruptcy and which type to file is a complicated decision that one should not make without legal guidance. If you are considering bankruptcy, speak with a qualified bankruptcy attorney who can advise you about your options.
Article provided by William T. Bible
Visit us at http://www.tombiblelaw.com
Former Tennessee Football Player Files Chapter 11 Bankruptcy
A former Tennessee football player filed Chapter 11 bankruptcy. Chapter 11 bankruptcy is available to individuals, rather than businesses, in some cases and offers people several benefits.
2012-07-26
ELSE PRESS RELEASES FROM THIS DATE:
Surprising Credit Score Killers
2012-07-26
Surprising Credit Score Killers
Many know that it is important to maintain good credit. Credit ratings can affect so many aspects of a person's life, including the ability to obtain home and auto loans, the interest rates on loans, the ability to rent housing, and in some cases job opportunities. People trying to rebuild their credit should be aware of some of the more surprising things that can undo the work they have done.
Collections
Once an account of any type goes to a collections agency, it has a negative effect on a person's credit score. People may not ...
Centered For Excellence: Mihaylo College Family Business Educational Forum Debuts New Name
2012-07-26
California State University Fullerton's Mihaylo College of Business and Economics today announced that its Family Business Council now will be officially recognized as the Center for Family Business. The rebranded Council is now aligned with Mihaylo's 13 other Centers of Excellence that focus on specific areas of interest and are an integral part of the business school's practical approach to education.
All of the Centers address a variety of needs and issues in the community, providing an array of services to local business and government sectors and presenting Mihaylo ...
NAABB Executive Director Named Leader for Bioscience Division
2012-07-26
The National Alliance for Advanced Biofuels and Bioproducts (NAABB), a consortium of leading scientists and engineers from universities, private industry, and national laboratories led by the Donald Danforth Plant Science Center announced Executive Director, Jose Olivares has been selected to serve as Division Leader for the Bioscience Division, a central hub for biotechnology development at Los Alamos National Laboratory (LANL). Olivares who has considerable experience in algal biofuels research, will lead a team of 180 researchers and staff within disciplinary groups ...
DN Van Lines Announces its First Half 2012 Financial Results
2012-07-26
Moving and Storage company DN Van Lines, an award winning local and long distance mover, today announced that revenues for its Jacksonville FL branch exceeded $350,000 for the first half 2012. This figure represents a 60% increase over revenues for the same time period in the previous year of 2011.
DN Van Lines expanded into the Northern Florida local moving and storage market by opening a location in Jacksonville is 2010. During past two and a half years the branch has experienced steady growth in volume of business for professional moving and general transportation ...
BKD to Present for the Risk Management Association
2012-07-26
BKD Forensics & Valuation Services, a division of BKD, LLP, is pleased to announce that Angela Morelock will be presenting for the St. Louis Chapter of the Risk Management Association. Her presentation, "Internal Bank Fraud & Embezzlement: Lessons Learned from the Trenches" will focus on the world of internal embezzlement and the symptoms management should watch for with a focus on how organizations can better protect themselves.
Morelock leads BKD's forensic accounting and investigations team, providing fraud investigation and prevention, complex litigation ...
New Stacker Robot Kit from ServoCity - Perfect for Classrooms and Families
2012-07-26
The Stacker wheeled robot kit is machined from 1/4" ABS plastic for strength and durability. The ABS framework also allows for easy drilling to accommodate custom attachments such as cameras, sensors, etc. The framework provides a large electronics compartment that stores the receiver, battery, and any additional added electronics. With 3" drive wheels and omni-directional movement, the Stacker travels well and is easy to maneuver. The Stacker Robot comes in kit form with assembly instructions, a parts list, and a 1:1 scale hardware key for easy assembly. The ...
IPG Introduces UL 181 B-FX-Rated AC50UL Cloth Duct Tape For Flexible Air Ducts and Connectors
2012-07-26
IPG - a leading manufacturer of products for the building and construction and HVAC industries - introduces UL 181-rated AC50UL, a premium-grade HVAC duct tape for flexible air ducts and air connectors.
The new 14 mil high-strength polyethylene-coated cloth duct tape is engineered with an aggressive adhesive to create a strong bond to duct surfaces. IPG developed the tape with superior adhesion to meet the specific performance demands of today's HVAC contractor. The conformity of AC50UL to the UL 181 B-FX standard means that the tape meets flexible duct criteria for ...
A New Holistic Community Blooms in the City of Roses
2012-07-26
Portland's recent launch on CityHolistic.com marks the fifth community established on the site, following St. Louis, New York, Chicago, and Los Angeles. Like its predecessors, the Portland site will include a directory of holistic practitioners, goods, and services as well as blogs, a job board, event board, and helpful hints for leading a holistic life.
While CityHolistic.com staff chose the first four cities, the CityHolistic.com community voted Portland as the newest addition.
"CityHolistic.com really is a community, and we wanted to embrace that by letting ...
Old Colony Elder Services Concerned Over Soaring Home Care Wait List
2012-07-26
throughout Brockton and the 22 surrounding communities, say lawmakers have not addressed the home care needs of many seniors and people with disabilities.
According to Mass Home Care Executive Director Al Norman, the state's home care program had nearly 2,000 elders on a waiting list as the new fiscal year began July 1st.
"We are hoping that members of the General Court will not accept home care waiting lists as a fact of life," Norman said. "We've asked the Ways & Means Committees not to break for reelection campaigns until they address the ...
Free Food, Beer and Group Riding for Nashville Cyclists at July Event
2012-07-26
"I am the engine" (IATE), a grass-roots cycling initiative, invites Middle Tennessee cyclists to "Whole Fuel & Local Pour," a free family event Tuesday, July 31, from 5 p.m. to 9 p.m. at Whole Foods Market in Franklin, Tennessee. The event, which features free food, craft beer and group rides for cyclists of all ages and skill levels, is intended to raise public awareness of the health benefits of cycling.
The group ride event celebrates the Jeff Roth Cycling Foundation's recent success of receiving enough signatures to create "Share the ...
LAST 30 PRESS RELEASES:
COPD is the sixth leading cause of death in the United States
Mass shootings increase alcohol sales
Peptides to clean up microplastics
Surveys reveal zone of possible agreement for Israeli–Palestinian peace agreement
Water as a waste management source: SEOULTECH researchers revolutionize catalytic plastic recycling
Antibiotics, vaccinations and anti-inflammatory medication linked to reduced risk of dementia
Study links popular herbicide to problems with infant health
Why you should (not) get a dog: the pros and cons of dog ownership
After millennia as carbon dioxide sink, more than one-third of Arctic-boreal region is now a source
The reversal of lipoprotein alterations in patients with ischaemic stroke offers new perspectives for cardiovascular disease research and management
Early diagnosis of bladder cancer, now conveniently at home
People who are autistic and transgender/gender diverse have poorer health and health care
Gene classifier tests for prostate cancer may influence treatment decisions despite lack of evidence for long-term outcomes
KERI, overcomes the biggest challenge of the lithium–sulfur battery, the core of UAM
In chimpanzees, peeing is contagious
Scientists uncover structure of critical component in deadly Nipah virus
Study identifies benefits, risks linked to popular weight-loss drugs
Ancient viral DNA shapes early embryo development
New study paves way for immunotherapies tailored for childhood cancers
Association of waist circumference with all-cause and cardiovascular mortalities in diabetes from the National Health and Nutrition Examination Survey 2003–2018
A new chapter in Roman administration: Insights from a late Roman inscription
Global trust in science remains strong
New global research reveals strong public trust in science
Inflammation may explain stomach problems in psoriasis sufferers
Guidance on animal-borne infections in the Canadian Arctic
Fatty muscles raise the risk of serious heart disease regardless of overall body weight
HKU ecologists uncover significant ecological impact of hybrid grouper release through religious practices
New register opens to crown Champion Trees across the U.S.
A unified approach to health data exchange
New superconductor with hallmark of unconventional superconductivity discovered
[Press-News.org] Former Tennessee Football Player Files Chapter 11 BankruptcyA former Tennessee football player filed Chapter 11 bankruptcy. Chapter 11 bankruptcy is available to individuals, rather than businesses, in some cases and offers people several benefits.