The past few years have been difficult for everyone, both in America and in countries around the world. Though some claim the tough times have increased tensions between people of different income brackets, the downtrend in the financial state of the country has affected some of the lives of even the very wealthy. Bankruptcy has recently struck a once powerful and very well-off Alabama banker.
The founder of Alabama National BanCorp who made millions in the banking industry in the 1990s recently filed for a Chapter 7 bankruptcy. Media reports state that the former millionaire is struggling with debt equal to approximately $18 million dollars. The debt is comprised of money owed to the IRS, credit card debts, business debts and money owed to several Las Vegas casinos.
Though the numbers may have a few more zeroes behind them, many people in recent years have found themselves in similar situations. Change in employment, sudden medical emergencies or a downturn in one's business can all lead people into dire financial straits. Fortunately, experienced legal professionals are available to help navigate the complex bankruptcy filing procedure and help folks make a fresh financial start.
One of the first steps to be taken is to determine whether or not someone qualifies for a Chapter 7 filing. A few of the many requirements relate to income, whether or not there have been prior bankruptcy filing or whether there was any fraud involved in incurring the debt.
Though America is filled with plenty of rags to riches story, the former Alabama banker reminds people that the higher they are the further they can fall. Birmingham residents facing issues with debt should not hesitate to seek answers to questions or concerns.
Source: AL.com, "Birmingham banker Jimmy Taylor Sr. bankrupt, lists $18 million in liabilities, $15,500 in assets," April 18, 2013