Debra Booher &Associates Co., Lpa Click here to get your free Legal evaluation
Call Us Today Toll Free

Mix of circumstances leads attorney to file for bankruptcy

Summit residents can often be counted among the many that are surprised when news of a high-profile, high net-worth individual announces that he or she is filing for personal bankruptcy. That news is often that much more shocking when the individual is someone perceived to be successful in his or her various business ventures. Questions often come up about how one who seemingly worked so hard to achieve his or her success could see it vanish so quickly, and if such an apparently successful business man or woman could fall on financial hardships, how much easier would it be for a everyone else, who may never even approach attaining similar financial resources, to experience the same challenges.

The answer may seem surprising to some, although it really shouldn’t be. The super-rich are subject to the same sorts of financial hardships as everyone else, perhaps even more so in that so much of their individual wealth is often tied up in the market. Combine that fact with the poor financial decisions that everyone falls into every now and then, and it becomes clearer to see how someone with such assets can go broke so quickly.

Take the recent case of an Indiana attorney and real estate developer: the failure of his development firm due to the recent housing crash, coupled with penalties associated with a felony conviction for wire fraud caused a downward financial spiral that saw his income cut by nearly two-thirds and left him with only $1.3 million in assets to deal with over $13 million in liabilities. Needless to say, Chapter 7 bankruptcy became his only option.

While one may never see the same kind of personal wealth that this man once held, he or she can certainly experience the same sort of financial struggles. Ultimately, he or she may also be in a position where bankruptcy may be the only option. A bankruptcy attorney may help one in determining if that is truly the case.

Source: Indianapolis Business Journal “Local attorney, developer Page files bankruptcy” Scott Olson, Jan. 08, 2014

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Map & Directions