Everything seems to be going as planned. Money is coming in, bills are being paid and life appears to be good. Then, the bottom falls out and something happens to change the rosy picture that had been playing. For some Kentucky residents, life paints a bright picture at first, but then, something happens and debt becomes a problem. Many times, Chapter 7 bankruptcy becomes the bright spot in the ever-changing picture.
Recently, Richard Dutrow, the trainer who won the 2008 Kentucky Derby, found himself facing bleak prospects. In 2011, he was banned from the racing profession for a period of 10 years. Although he appealed this decision, it was upheld and he is prohibited from participation in the sport until 2023. This sudden change in his financial prospects appears to have had a negative impact upon his ability to meet the financial obligations that he had made.
In his Chapter 7 bankruptcy filing, he indicates that he does own a home valued at approximately $1 million. However, there is currently a mortgage of $1.3 million on the property. In addition, Dutrow has no source of income and minimal funds in his checking account. In addition, he owes over $80,000 in legal fees and over $300,000 in other bills. Based upon his circumstances, Chapter 7 bankruptcy appears to be his best option.
For many individuals throughout Kentucky, the picture may appear bright one day and then dark financial clouds begin to appear. When these financial clouds become too numerous and the bills continue to mount, it may be time to take action. Experienced legal counsel can help one decide if Chapter 7 bankruptcy is the appropriate solution.
Source: drf.com, "Former trainer Richard Dutrow files for bankruptcy", Matt Hegarty, April 6, 2017