'Popcorn lung' couple files for Chapter 7 bankruptcy

Several years ago a jury awarded a couple a $20 million verdict following a sensational court case about the devastating medical effects that the husband experienced as a result of exposure to the toxic gas given off by heated butter flavored microwavable popcorn. Now, this same couple is filing for Chapter 7 bankruptcy. The story demonstrates to Mississippians that a financial windfall can actually lead to greater challenges down the road. Fortunately, bankruptcy can be an option.

"Popcorn lung" cases have been sweeping the country. The couple who is now filing for Chapter 7 bankruptcy was actually the first of many to seek monetary damages for the alleged harmful effects of butter-flavored microwavable popcorn. The jury agreed with their theory of harm and liability, considering the man was told he would need a double lung transplant in the future, and awarded the husband $18 million and the wife $2 million for their losses and injuries.

But the money that the couple received to help cover medical expenses and other losses appears to have been a source for their financial decline. The couple began spending their court winnings. They built a house that escalated in costs, purchased cars and all-terrain vehicles. They also racked up significant liabilities with a $480,000 mortgage and more than $100,000 in a contractor's lien they were unable to pay. Now, with debts exceeding their assets, the couple has decided to file for Chapter 7 bankruptcy to seek a fresh financial start.

For many, including the "popcorn lung" couple, bankruptcy is a positive solution to a seemingly desperate situation. Bankruptcy is a complicated legal process, however. It is therefore important to get sound advice as soon as financial challenges begin to spring up. Those interested in the potential for financial freedom that a bankruptcy filing could bring should seek out the right information which explains how the bankruptcy process can stop creditor harassment and wage garnishment, in order to obtain debt relief.

Finances can be a roller coaster of highs and lows. And often, financial challenges may be hard to predict. Fortunately, bankruptcy laws can offer some stability and help individuals get a handle on their financial situations.

Source: The Huffington Post, "Popcorn Lung Couple, Eric And Cassandra Peoples, Files For Bankruptcy," Oct. 16, 2012

5 Comments

Well bankruptcy has been really a good option for the couple. They chose a good option for filing for bankruptcy and surely they had hired a good attorney for them. That's the reason they got benefited and got their rights.

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Whoa! That’s quite a large sum of money. I guess I will agree with the statement that finances can be a roller coaster. It really depends on how you spend your fortune.

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