Tony Braxton, the famous R&B singer, is a great example of the fact that bankruptcy protection as provided for under the Bankruptcy Act is meant to extend to all citizens (and legal residents.) Ms. Braxton recently filed for protection under the bankruptcy laws. This is Ms. Barxton’s second time filing for bankruptcy. According to reports the 43 year old singer owes money to American Express, Tiffany & Co., Neiman-Marcus and other creditors including medical providers. Many observers were incensed when Toni showed up to a football game wearing expensive jewels and clothing and by the fact that she had filed for bankruptcy in 1998 as well.
However, what our Orange County Chapter 7 attorney, Rachelle Shakoori, always tells her clients, the code does not discriminate against those who seek its protection. The fact that Ms. Braxton may have filed for bankruptcy more them ten (10) years earlier will not prevent her from filing for bankruptcy again. Nor will the fact that many of her creditors are luxury shops mean that she cant discharge those debts. Also, how much jewelry Toni will be able to retain is all controlled by the federal and local exemptions that apply to all petitioners. For instance our Anaheim bankruptcy lawyers will rely on exemption in the California and federal codebooks, while Bankruptcy attorneys in Georgia will look for protection in Georgia and federal laws.
In these hard economic times the option to restart one’s life and be able to renew one’s goals and aspirations is an important part of the American dream and one that should be cherished by us all. At the same time, we should all be concerned that no one takes advantage of the system by abusing it. The more the system is abused, the more likely that the major corporations will be able to push through legislation like the one in 2005 which drastically reduced the rights previously available. Our experienced Orange County Chapter 13 bankruptcy attorney is available to answer any questions you may have about filing for bankruptcy and whether you qualify or not. Call us today at 714-542-2188 for a free consultation.