I am a big NBA fan and I thought that this was interesting and would share it with you. High Profile NBA Bankruptcies Point guard Kenny Anderson earned an estimated $60 million during his NBA career after playing for nine different teams. He was married three times throughout that period, and the his first wife, Tami Akbar, walked away with $5.8 million and $8,500 a month in child support. Anderson was also supporting six other children, two other ex-wives, and was making monthly payments on his mother’s house. He also owned eight cars and an estate in Beverly Hills, was known for handing out $3,000 and $5,000 to friends and relatives and gave himself a $10,000-a-month allowance he referred to as “hanging out money.” Anderson filed for bankruptcy in 2005 listing his monthly expenses as $41,000. The player and his accountant were reportedly planning for bankruptcy years before it became official and Anderson now describes himself as "financially sound." Antoine Walker, who currently … [Read more...]
Glossary of Bankruptcy Terms
Bankruptcy terms can be difficult to understand. Below are brief definitions of the terms used in this site and in the Bankruptcy Code. If you have any questions, please feel free to contact us. 410-766-4044. Adequate protection:Payment to a secured creditor to protect the value of the creditor's lien during the bankruptcy proceeding from loss due to depreciation or non payment of a senior lien. Adversary proceeding: A lawsuit filed in the bankruptcy court which is related to the debtor's bankruptcy case. Examples are complaints to determine the dischargeability of a debt and complaints to determine the extent and validity of liens. Assets:Assets are every form of property that the debtor owns. They include such intangible things as business goodwill; the right to sue someone; or stock options. The debtor must disclose all of his assets in the bankruptcy schedules; exemptions remove the exempt assets from property of the estate. Automatic stay: The injunction issued automatically … [Read more...]
Debt Trouble Warning Signs
Think about this: Just because you can pay your minimum payments each month, does not mean you are financially fit. Low monthly minimum payments benefit the credit card company, the "minimum amount due" is cleverly calculated to keep you trapped in debt for your entire adult life. Do you really want to spend the best years of your life in debt? Here are some of the warning signs that you have a problem. If you answer "Yes" to any of these questions you are probably already in financial trouble. Whether you realize it or not, you need to find out your options. Do you need your next paycheck to survive? Are you borrowing from "Peter" to pay "Paul"? Are you spending more than 20 percent of your net income on credit card bills? Are you dipping into your savings or retirement accounts just to pay your monthly bills? Are you using credit cards to pay for necessities like groceries because you don't have the cash? Do you have more than two or three major credit cards? Do … [Read more...]
