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Local law enforcement agent files for Chapter 7

Filing for bankruptcy is a consumer remedy that is available for everyone. In fact, despite popular misconceptions even the most socially upstanding of citizens, like law enforcement officials, sometimes end up filing for bankruptcy. The most common form of bankruptcy individuals file today is Chapter 7 bankruptcy.

According to court documents a former sheriff from Knox County, Tennessee, recently filed for Chapter 7 bankruptcy following a court battle with a Ford dealership. The man filed for Chapter 7 in federal court in Tennessee stating in documents that he currently has upwards of 49 creditors. Documents also revealed that the former sheriff has just over $300,000 in personal assets and approximately $330,000 in liabilities.

The former Knox County, Tennessee, sheriff's liabilities reportedly stem form a lawsuit that occurred with the old owner of an Oak Ridge Ford dealership and lawyer's fees he incurred during that lawsuit. His current income was also listed as largely stemming from his pension from the county, which is reportedly $93,000 per year. The court hearing on the federal bankruptcy proceeding is currently set to occur on August 6.

No one wants to file for bankruptcy, but sometimes filing for bankruptcy is the only option. In addition to providing immediate debt relief bankruptcy will also stop creditor harassment and allow filers the opportunity to get their financial lives back on track. Many of our readers, and many Americans in general, would probably benefit from efforts to understand more about the benefits of filing for Chapter 7 bankruptcy.

Source: WATE, "Former Knox County sheriff files for bankruptcy," July 10, 2013

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

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