Greetings!

Wishing you a wonderful and safe holiday season.  My children are very excited that Santa will be on his way soon.  It is a busy time of the year but also one of the best.  There is nothing like spending time with family and seeing the joy in my little ones faces. 

Happy Holidays,

Robert
 

You're Not Alone: A Partial List Of Famous People Who Have Filed For Bankruptcy

Sometimes, people feel embarrassed about filing for bankruptcy, as though it is an indication that they have done something wrong.

It isn't.

We could regale you with statistics about how most people who file bankruptcy do so because of circumstances entirely beyond their control, but we thought it might be more illustrative to provide you with a list of famous people who have filed for bankruptcy. We thought that might make you feel less alone:

  • Milton Hershey founded the famous chocolate company that bears his name, of course, and became one of the great American business success stories of the 20th century. Before he did that, though, he went through several business failures. He filed for bankruptcy and, in fact, could only start Hershey's with money that he borrowed from his family.
  • Donald Trump is another famous businessman who achieved great success, but not before he hit a few bumps in the road. "The Donald" declared personal bankruptcy in 1991 and four of his companies have filed for bankruptcy since then.
  • Toni Braxton was sitting pretty after a string of R&B hits in the early 1990s, but personal problems and tax complications meant she had to file for bankruptcy twice.
  • Debbie Reynolds was a film star for many years, but her foray into gambling didn't go so well. She opened Debbie Reynolds Hotel and Casino in Las Vegas in 1992, but it struggled almost from the beginning. Eventually, she filed for Chapter 7 bankruptcy, her business filed for Chapter 11 and the hotel and casino was sold to the World Wrestling Federation.
  • Janice Dickinson, the former supermodel who had a second career as the tart-tongued judge on "America's Next Top Model," filed for bankruptcy in 2013. She said it was due to medical bills and tax issues.

As you can see, a great many people who have found success in business or entertainment have filed for bankruptcy. This is only a partial list, of course, but we hope it shows you that you are far from the only one experiencing financial difficulties.

If you think it would be helpful to speak to a bankruptcy attorney, please feel free to contact us.

Divorce Lawyer Talks Marital Assets: Who Gets the Family Business in a Divorce

In a divorce, dividing marital assets can be an emotionally trying experience. The two most difficult marital assets to divide are the family home and family business. Both have extreme financial worth and may have become an important fixture in both the spouses' lives.

Dividing Business Assets

It is strongly recommended you hire a divorce lawyer when determining which business assets will be awarded to each spouse. If one spouse was the sole owner of the business, the opposing spouse may still be entitles to assets pertaining to the business. If the non-owning spouse worked for the company for a time without pay, invested money into the business, or took care of the home and children, that spouse is entitled to compensation. As monetary contributions to the business are valid, so is the time a spouse invested with the business.

If the business was jointly owned by the spouses, the assets of the business must be divided. These assets can include equipment, office materials, or vested money. If certain assets cannot be divided, one spouse can buy out the other spouse to compensate them for the asset that cannot be physically divided. If one spouse wants out of the business, they can sell their portion of the business to the opposing spouse.

Tax liabilities as well as other debts must also be split by co-owning spouses. If agreement of debts and liabilities cannot be split amicably, he court will step in and give each spouse a debt responsibility they must pay toward the business.

If you are considering legal separation or divorce, contact the professionals at The Law Office of Robert Kovacs, proudly serving Worcester, MA and the surrounding areas. The attorneys at The Law Office of Robert Kovacs understand that dividing assets and determining custody can be extremely difficult matters, it is important to retain a divorce lawyer you can trust. Contact us today for a consultation.

 
The Law Office of Robert Kovacs, Jr.
172 Shrewsbury Street
Worcester, MA 01604

Phone: 508 926-8833

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