Thomas F. Miles, Attorney and Counselor at Law
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Prominent businessman seeks the protection of Chapter 7

Many readers in California have encountered all of the stress that accompanies financial challenges. Between a lack of security in investments, the decline of a family-owned business or an unexpected job loss, many families in our state have been put into a position to confront debt issues. When that happens, a personal bankruptcy may provide an opportunity to recover and begin again and gain a sense of stability.

In one recent case from another state, a man who had once run for governor decided that he needed the protections offered by personal bankruptcy in order to take care of his growing debt. By filing for bankruptcy, people like this man are often able to tackle debt and find a path forward.

According to a recent report, the man filed a Chapter 7 bankruptcy after his business ventures began to fail. In addition, he faced costs associated with several criminal actions in which he became involved. He is said to have accumulated between $1 million and $10 million worth of debt. In addition, he is said to own several real estate properties that could have lost value during the recession.

As is the case with any personal bankruptcy filing in our state, the man in this case has a period of time before he must disclose the exact amounts of his debts and assets. Once this has occurred, the court will begin to go through the process of repaying some creditors by liquidating assets and discharging debts. Once completed, the financially distressed man will be able to exit the personal bankruptcy without overwhelming debts that may have prevented him from taking advantage of new, more successful business opportunities.

Source: Cape Cod Times, "Bankruptcy filing latest blow for Mihos," Patrick Cassidy, Feb. 5, 2013

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