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Fitness guru files Chapter 7 bankruptcy

It happens every January. Individuals throughout Kentucky and around the nation make their New Year's resolutions. For many, these resolutions often involve diet and exercise programs. Combined with this renewed desire for physical fitness, many also seek financial fitness. In some cases, this financial fitness may take the form of getting out from under a heavy debt burden by filing for Chapter 7 bankruptcy.

Recently, fitness guru Lauren Boggi ran into problems with one of her fitness centers, Lithe Method. Apparently, there were problems with the landlord and a legal dispute commenced. Reports indicate that the landlord obtained a judgment against Boggi, and as a result, this particular center never opened. Boggi has now filed for Chapter 7 bankruptcy protection. In her filing, she states that although she has approximately $50,000 in assets, she owed almost $1 million.

In addition to Lithe Method, Boggi has a virtual company named LB Active. This is an online fitness program which she continues to actively promote.  It appears that she intends for this business to remain active in spite of the difficulties with Lithe Method and the Chapter 7 bankruptcy.

Chapter 7 bankruptcy is designed to allow the individual to be able start over. Generally, the majority of the individual's assets are relinquished and sold to pay debts (though there are statutory exemptions for the benefit of the filer). Remaining debts are often discharged, and the individual is able to start over with little to no debt. Kentucky residents who find themselves sinking in debt may want to discuss the benefits of Chapter 7 bankruptcy with an experienced attorney. Chapter 7 may offer a much needed new beginning.

Source: phillymag.com, "Lithe Method Founder Lauren Boggi Declares Bankruptcy", Victor Fiorillo, Jan. 10, 2017

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