True tales teach important lessons, I’ve learned. In the interest of offering not only the latest Indiana bankruptcy information but doing it in a way that “sticks” with readers, I like to use real life stories and legal cases to make my point. This week’s Bankruptcy in Indiana articles will each contain a “vignette”, a little true story that emphasizes the way the new bankruptcy laws of Indiana (and, in fact, the whole federal bankruptcy system) works.
Interesting. The headline of the story, appearing just one and a half weeks ago in the Greensboro, Kentucky Rhino Times, reads “Mayor Upbeat on Bankruptcy”. Mayor Robbie Perkins says the combination of the commercial real estate markets and his divorce proved to be too much for him to handle financially.
As an aside, while the majority of clients who seek us out at the Zuckerberg bankruptcy law offices for Indiana bankruptcy help because of divorce are female, after more than 26 years in practice, I also see divorce from the male point of view. As divorcesource.com explains, “Federal bankruptcy courts are filled with people whose financial difficulties are directly caused by a divorce.” What’s more, I've had a lot of experience offering small business bankruptcy services in Indiana, and needless to say, during this recession, there have been many more than usual small businesses needing Indiana bankruptcy help.
Mayor Perkins was obviously hit by a double whammy – the downturn in his industry of real estate plus his divorce.
One of my Bloomington, Indiana bankruptcy attorney colleagues especially admired Perkins’ attitude:
“The bankruptcy will allow me to prioritize my debts,” he said. “The only things I will be allowed to pay are the priority claims, which are the taxes and whatever the support ends up being.”
The bankruptcy trustee administers the process on behalf of the court. (The court, in the case of clients of the Zuckerberg banakruptcy law offices, is the U.S. Bankruptcy Court of Indiana’s Southern District.) The headache of dealing with different creditors will simply go away for Perkins, and he’ll simply need to keep up with the payments in the way the trustee decides. If this is a Chapter 13 bankruptcy, it will function as a safety net to allow him to carry on his work as mayor while he gets back on his financial feet!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg