Casey Anthony is a name that may have become familiar to many readers in California over the past few years. The young woman gained infamy as she faced criminal charges for the disappearance and murder of her 2-year-old daughter. After a lengthy legal battle, Anthony was only convicted of charges relating to lying to police. Now she is in the news again as she has recently filed for a personal bankruptcy.
The reasons for her filing for personal bankruptcy are unclear, though some suggest that Anthony is hoping to discharge some or all of the lawsuits currently pending against her as a result of the criminal matter. However, she, like people in California who file a similar personal bankruptcy, must disclose all assets and liabilities to the court. In this case the information includes a list of creditors and amounts owed.
The personal bankruptcy filed by Casey Anthony claims that she owes more than $792,000. Much of this amount is owed to those who represented her during her long legal battle. In addition, she has disclosed that she has only $1,100 in assets that include personal effects such as clothes and a bicycle.
Filing for a personal bankruptcy is a difficult decision for folks in California and elsewhere. However, some, like Casey Anthony, find that they have a significant amount more debt than their income allows them to repay. This fact can lead a person to seek the protection of a personal bankruptcy. In many cases, much of the unsecured debt of an individual can be discharged, leaving them with a clean slate and the ability to start a fresh financial future.
Source: Orlando Sentinel, "What does bankruptcy filing mean for Casey Anthony's future?" Susan Jacobson, Jan. 28, 2013