Detroit Man Files for Bankruptcy after a Number of Setbacks

A 55-year-old Detroit man filed for bankruptcy recently after suffering a number of personal and financial setbacks over the last few years. R.R. is well known by many in the area for several books he has authored regarding real estate sales and do-it-yourself foreclosure defense. He runs a real estate company with an estimated 25 employees and is trying to keep the brokerage business going and people employed. The bankruptcy documents show that R.R. reported $1.8 million in assets and $8.1 million in liabilities. The majority of the liabilities are to investors. An attorney representing the investors is planning to challenge the bankruptcy and has accused R.R. of hiding assets. Deciding to file for bankruptcy can be stressful and may include unexpected ramifications so it is vital that you consult with a knowledgeable bankruptcy lawyer.

R.R. also filed for bankruptcy on his realty company and listed over $108,000 in liabilities and $1.5 million in assets. Those that know him have discussed how the man has been hit with a number of difficulties including a criminal proceeding, the death of his daughter and problems that many people are facing in the current Michigan economy. His attorney's fees from a 2005 case when federal corruption charges were brought against him (the charges were dismissed) were also listed in his liabilities. His lawyer forgave the fees and has voiced that he doesn't want to add to R.R.'s bankruptcy difficulties.

Bankruptcy Attorney Representing Detroit

There may be nothing more stressful in life than becoming severely insolvent. Watching credit cards bills, mortgage payments, medical bills and other costs pile up month after month can make one hopeless about ever coming out of it. There are ways to get back on track and make those harassing creditor calls stop. If you are considering filing for bankruptcy then you should speak with an attorney as soon as possible. A bankruptcy attorney may be able to help you tailor a legal solution that is best for your specific situation and financial goals. At the Cartwright Law Firm, we understand that you want to do what is best for you and your family. Contact our firm today to schedule an initial consultation. We have successfully represented clients in proceedings for Chapter 7 and Chapter 13 bankruptcy protection as well as provided skilled foreclosure defense. If you are wondering if bankruptcy is right for you then give us a call, we have the answer!