The ins and outs of filing for bankruptcy are complicated. There is no form 1040EZ to fill out as there is for taxes. The nuances are many and it can be easy for someone unfamiliar with them to overlook legitimate opportunities that might exist.
Whether a person in Georgia is seeking bankruptcy protection by filing under Chapter 7 or Chapter 13, or a business is filing under the various available chapters of the code, it's always wise to seek the counsel of an experienced attorney. Not only can it help assure that all options are fully examined and considered, it may also help avoid possible legal difficulties as the process is underway.
This may be something on the mind of a one-time Atlanta real estate developer and investor right now.
He filed for Chapter 7 bankruptcy in July 2012 in the wake of the collapse of a number of real estate ventures. At that time, court documents listed his debts as amounting to more than $36 million. Assets were tallied at just $153,800.
The case is still working its way through the courts and recently the trustee for the estate filed papers seeking to recover upwards of $650,000 from two Las Vegas casinos. According to the documents, the claim being made is that the filer attempted to hide the money by stashing some at The Venetian and at Bellagio. He allegedly did this before filing for bankruptcy.
At the time this is being written, there's no word of how the casinos might respond or when a decision might come as to whether they need to relinquish the funds.
Source: Atlanta Business Chronicle, "Bankrupt real estate investor allegedly stashed $650,000 at Vegas casinos," David Allison July 3, 2014