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Christian Laettner's Chapter 7 may spur action in Ohio

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Being in a difficult financial spot can bring about many unexpected events in a person's life. Some Ohio residents may find themselves being constantly contacted by creditors, and some creditors may even try to force individuals into bankruptcy. Though such actions may seem out of bounds, Chapter 7 bankruptcy may be able to help qualifying individuals.

One man in another state is currently facing such a situation. Christian D. Laettner, a former NBA player, is reportedly facing $14.1 million in outstanding balances to creditors. Specific information regarding his debts were not disclosed in the report, and they were only referenced as business debts pertaining to an unsuccessful real estate development. Due to the debts, five creditors are hoping to have Laettner go through with an involuntary Chapter 7 bankruptcy.

Reports stated that Laettner still hopes to reach a settlement that would cause him to forgo bankruptcy. However, he may be interested in finding out more information on the benefits of liquidation. Many individuals gain financial relief through this management option, and rather than pushing the idea away, giving it further consideration may be a wise step to consider. 

Ohio residents who are facing similar circumstances may also wish to explore more information on Chapter 7 bankruptcy. Misinformation is often considered the truth, and many parties may be surprised to find how beneficial bankruptcy could potentially be for them. Interested parties may wish to confer with experienced bankruptcy attorneys who may be able to provide specific information on individual cases and offer sound words of advice.

Source: buffalonews.com, "Laettner faces bankruptcy petition", July 5, 2016

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