Lawyer For Bankruptcy in Indiana Notes How Foreclosures Hit the Rich and Famous
Just a couple of months ago in this Bankruptcy in Indiana article series, I remarked, “It helps to know bankruptcy was the solution for celebrity sports figures.” What I was aiming at is that, when individuals come to one of the good bankruptcy attorneys in Indiana who work in the Zuckerberg bankruptcy law offices needing Indiana bankruptcy help, before any productive planning can get done, the main message most of those people need to hear is that they’re not failures, and that they’re not alone.
In the past few years with the problems in the real estate market, many clients are turning to us bankruptcy lawyers in Indiana for help, not necessarily with bankruptcy, but to help stop foreclosure. While Chapter 13 bankruptcy law in Indiana can in fact be of enormous help in saving homes, before the planning can get done, the message needs to be heard: You’re not failures. You’re not alone.
For that reason, I’m devoting today’s Bankruptcy in Indiana article to famous and wealthy people who have been featured in recent headlines about foreclosure.
- Patricia Kluge, former billionaire spouse, received a foreclosure notice on her 200-acre, 45-room estate in Charlottesville, Virginia. Kluge, married for nine years to Metromedia owner John Kluge, was awarded $1,000,000 a year and the estate property called Albermarle. Together with third husband William Moses, Patricia Kluge established a successful winery and built a super-luxury subdivision with 24 multimillion dollar homes. The housing crisis hit, and the development did not succeed.
As a longtime debt consolidation lawyer offering bankruptcy services in Indiana for close to 25 years, I see again and again how changes in an industry end up affecting clients’ personal finances.
- Basketball star Julius Ewing’s 2.25 million home in Utah, former Detroit Red Wings Sergei Fedorov’s home in Michigan, and former Celtics’ player Antoine Walker’s Coconut Grove, Illinois home all ended up in foreclosure.
- The home of hiphop artist Chamillionaire’s Spring, Texas mansion and the home of singer/actress Toni Braxton in Henderson Nevada, were both lost to foreclosure.
Clients might remark at this point that, were they fortunately enough to have the kind of money these celebrities have, they would have taken better care of their financial affairs. But, as one of the Columbus bankruptcy lawyers who is my colleague reminds her visitors, it’s just a difference in scale. People make business decisions and personal decisions that appear to be the right thing at the time. Then, the unforeseen happens, causing financial problems. When you bought your home, she reassures them, undoubtedly you believed you could make the payments, but the unexpected setbacks happened, causing you to face foreclosure on your home.
You’re not a failure, is our message. You’re not alone. Now, let’s focus on the options that mortgage modification and Chapter 13 bankruptcy law in Indiana allow!
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