California residents may be interested to know that one of Ireland's favorite pop DJs, Tony Fenton, has recently been the subject of a bankruptcy petition in Ireland. This action comes after the country's Revenue Commissioners filed a petition against him for failing to pay 879,695 Euros in tax liabilities and penalties. Mr. Fenton's property and assets will come under the control of an administrative official for the bankruptcy court who will have the power to sell any property belonging to Mr. Fenton and distribute the proceeds among his creditors.
Many of Mr. Fenton's financial problems stem from failed investments. The property crash in Ireland cost him a considerable amount of money, and he was unable to recover from the setback. But the pop DJ is a fighter. Through it all he has maintained a determination to get back on his feet and get on with his life. And he sees bankruptcy as a way to make a fresh start.
Many readers of this blog can likely sympathize with Mr. Fenton. Massive debt and sudden and continued unemployment have led many California families to seek bankruptcy protection. And this action usually comes at the end of a long battle to make ends meet.
Although high debt is burdensome, it need not be an insurmountable problem. Filing Chapter 7 or Chapter 11 bankruptcy has proven to be an effective way of discharging debt. Regarding his own case, Mr. Fenton said that the court's decision was "a huge relief," and that a great weight had been lifted off of him. The case points to how Californians also seeking debt relief may benefit from experienced legal counsel to help explain how bankruptcy works and offer advice on how to proceed toward financial stability.
Source: irishtimes.com, "Today FM radio presenter is declared bankrupt," Fiona Gartland, Nov. 8, 2011