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California Chapter 7 bankruptcy mandates disclosure of creditors

Many readers in California have likely stayed at Radisson hotels as they travelled across the country and throughout the world. Now, media reports indicate that one of the members of the ownership group that owns the hotels has filed for a Chapter 7 bankruptcy. The filing comes after other members of the ownership group filed similar cases in the recent past.

As is the case in a Chapter 7 bankruptcy filing in California, the man in this case must disclose all of his assets and debts to the court by a specified deadline. This disclosure must include all assets and income, including not only his monthly wages but any investment or income that he may receive. In addition to the disclosure of assets, the man in this case must provide a list to the court of all creditor to who he owes money.

In 2010, another member of the hotel ownership group filed for a Chapter 7 bankruptcy. In that case the ownership group member asserted to the court that he had assets valued at $3.3 million. However, he had $106.4 million in debts. It is unclear if this is a similar amount of debt to that owed by the man who has recently filed bankruptcy.

Choosing to file for a Chapter 7 or other bankruptcy is a difficult decision in many cases in California. However, when a person finds that they have a large amount of debt compared to their assets, as was the case for the ownership group member in this case, the decision can be a positive one. Filing for the protections offered by a bankruptcy can help an individual begin a fresh financial start and to rebuild their credit.

Source: Menomoneef Falls Patch, "Another Radisson Hotel Co-owner Files for Bankruptcy," Carl Engelking, Nov. 30, 2012

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