I don't think Bankruptcy gets Ricky off the Hook!!!

[cdz12250]

I work for a debt buying company and deal with bankruptcy all the time. If we were awarded jgmnt in this case (which usually can only be done if a person was sued and served first) then we'd have a lien on all of his properties. If a chp 7 was discharged the debt would then be wiped out but the liens would still remain. So if someone were to try and sell that property they'd then have to deal with the lien holder. That's how it works with everyday debts (ie - credit cards, repos, etc). I'm not positive how it works with a contract though.

Not in Florida. A judgment lien doesn't attach to homestead real property in Florida. Ricky would keep his house.

 

[Predaphin]

GUYS, I'm a Legal Assistant for a Bankruptcy/Work Comp Law office...

Ricky can file for Banckruptcy, but it would have to be for a chapter 13..

CHapter 7 would only cover credit cards and would not protect real property..

Chapter 11 is for buisness that go bankrupt...

CHapter 13 is what Ricky would most likely file for, however he can only protect up to $50,000 ($75,000 if married), and he'd basically have to give everything up. Being that he's made lots of money and assuming he has lots of real property, The Trustee would sieze everything in his possesion and liquify to pay off some of what he owes...Evidently, he would get off the hook and we probably would only see a portion of those 8 mil he owes....But every case is diffrent, and he'd have to account for everything he owes and everything he's sold....He can file for bankruptcy, but it wont be that easy for him...

If you guys have any questions let me know I can ask our attorney here at the office.