Casey Anthony files bankruptcy to deal with overwhelming debt

Life is full of unexpected circumstances, including surprise babies, job loss, medical emergencies, and legal battles, among many more. Unfortunately, people are sometimes not prepared financially to weather these unplanned events, which can cause significant debt and worry about money problems. When Mississippi residents find themselves in this kind of situation, Chapter 7 bankruptcy could be a valuable solution.

Casey Anthony, most known for being tried for the murder of young daughter, is an example of a person who has encountered hardships that in turn produced overwhelming debt. She has recently filed for Chapter 7 bankruptcy, identifying liabilities amounting to nearly $800,000 in the bankruptcy petition. Among the debts owed are $500,000 to her defense attorney in the murder trial, over $145,000 to the Orange County Sheriff's Office, and a tax debt of more than $68,000. In contrast, her assets are minimal, consisting of only approximately $1,000 in personal property, such as cash, furniture, a laptop, jewelry and clothing.

The huge difference between Anthony's assets and liabilities is an example of how quickly legal troubles, medical emergencies or other unplanned events can create snowballing debt that far exceeds income. Chapter 7 bankruptcy can help Mississippi get out from under large amounts of debt if they meet a means test to qualify. One of the primary benefits of Chapter 7 is that is allows people struggling with debt to completely eliminate debt that is not secured, like credit card bills, personal loans and medical bills. Filing for Chapter 7 does not automatically mean that people will lose their homes or cars, either, as these loan obligations can be reaffirmed.

When Mississippi residents are facing severe financial challenges, pressure and harassment from creditors and threats of wage garnishment or repossession can make it difficult to focus on a job and earn a living. This only further intensifies debt problems. For those seeking a new way of life and a fresh start, bankruptcy can get people headed in the right direction.

Source: CNN, "Casey Anthony files for bankruptcy as she vows to 'keep fighting' legal issues," AnneClaire Stapleton and Holly Yan, Jan. 28, 2013

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