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New Jersey Chapter 7 bankruptcy requires disclosure of income

In 2011, people in New Jersey and across the nation were riveted by the criminal trial of Casey Anthony. Each night, television news regaled viewers with details about the murder of the woman's young daughter. Anthony faced charges that include lying to police and the murder of her young daughter. However, she was acquitted of many of the accusations, including murder. Now, she is in the news after filing for a personal Chapter 7 bankruptcy recently.

According to a report, Anthony sought the protections of a personal bankruptcy in her home state. She is expected to appear at a required hearing of creditors. As is the case in New Jersey, Anthony will likely answer questions posed by the bankruptcy court about her financial status. In addition, she may face inquiry from some of her creditors.

In her Chapter 7 personal bankruptcy filing Anthony disclosed that she owed a total of approximately $800,000 to various creditors. The list of people that she owed included the federal IRS and state officials tasked with the investigation into the murder of her daughter. These liabilities were set off with a small $1,000 in total assets.

For many people the filing of a Chapter 7 personal bankruptcy can seem difficult. Because of this, some hesitate to seek the protections that can come during the process. These protections include limiting the contact from creditors, stalling of foreclosure actions and beginning a fresh financial start. In addition, many find that once completed, a bankruptcy can mean a discharge of most - if not all - of the unsecured debts.

Source: inquisitr.com, "Casey Anthony Bankruptcy Forces Infamous Mom Out Of Hiding," Kim LaCapria, March 4, 2013

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