Law Office of Judith A. Descalso Law Office of Judith A. Descalso

Chapter 7 bankruptcy for former criminal defendant

Many of our Escondido readers probably remember the criminal trial of Casey Anthony. The case was a media sensation, with Anthony being tried for the murder of her very young child. It became even more sensational when Anthony was found not guilty of the murder, and was released from custody soon after the verdict came in. However, the troubles continue for Anthony, who recently filed for Chapter 7 bankruptcy.

It appears that Anthony's financial problems stem directly from the funds she required to pay her defense attorneys. In her bankruptcy filing, Anthony listed liabilities of $792,000, of which $500,000 was owed to her attorney, Jose Baez, who has become a national figure himself since the end of the trial.

The bankruptcy filing listed Anthony's assets at only $1,100. She was also listed as unemployed.

There can be many reasons why someone would need to file for Chapter 7. This particular type of personal bankruptcy is known as "liquidation" bankruptcy, because the filer lists all of their non-exempt assets, which are then sold to pay of that person's debts. Any debt that is not paid off through the proceeds of the sales is then discharged. Sudden unemployment, medical expenses and a variety of other reasons can lead to strenuous financial concerns for almost anyone. Filing for Chapter can be a good first step toward a fresh start financially.

For Anthony, who is most likely still dealing with the trauma of her child's death, as well as the national media firestorm that followed every minute of her criminal trial, filing for bankruptcy is probably just another step toward rebuilding her life and putting the past behind her.

Source: Yahoo! News, "Casey Anthony files for bankruptcy in Florida," Jan. 27, 2013

No Comments

Leave a comment
Comment Information