Bankruptcy Keeps McCourt and Dodgers in the Game!

By admin • June 29th, 2011

By James Doan, Esq

For Dodger Fans, Bankruptcy can be a Home Run!

Team owner Frank McCourt may have a lot in common with some of his Dodgers’ baseball fans. He can’t make ends meet. Actually, he’s having trouble making payroll. The cash starved McCourt turned to bankruptcy protection when he claimed that Major League Baseball refused to allow a television deal with Fox Sports supposedly worth $3 billion.

While Dodger debt may be a LOT bigger than that of a typical Dodger fan, both are financially struggling in weak economy. And just as McCourt turned to bankruptcy protection, so too can many baseball fans.

Consumers looking to liquidate their assets and eliminate their unsecured debt typically file a Chapter 7. Those wishing to keep their homes yet eliminate junior mortgages and create an achievable 5 year payment plan need to look at filing a Chapter 13. That is, unless their secured assets exceed 1,081,000 and/or have combined unsecured debt exceeding $360,475. Then, their best recourse would be to file a Chapter 11. Regardless, getting a fresh financial start by filing for bankruptcy protection can make you feel like you’ve hit a home run!

 

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