FLINT BANKRUPTCY, ARKANAS COACH JOHN SMITH FILED, YOU CAN FILE CHAPTER SEVEN , ITS NO JOKE BEING BROKE, 235-1970

FLINT BANKRUPTCY REPORT 235-1970- You are not alone when filing for Bankruptcy. “ Arkansas coach John L. Smith filed a Chapter 7 bankruptcy petition Thursday for debts he incurred through real estate investments in Kentucky.”[1]

Smith told The Associated Press in July he expected to make the filing but also was trying to avoid it.[1]
 

Chapter Seven Bankruptcy is not just for the traditional poor or just regular folks.

The AP also reported that one of Smith's former partners, John Mason, filed for bankruptcy in December in Kentucky, listing Smith as one of his creditors. In his bankruptcy filing, Mason listed liabilities totaling between $10 million and $50 million.

Mason's filing listed $250,000 in debt to one of Smith's investment limited liability corporations, while also listing an unknown amount of debt to Smith personally. The filing also listed numerous banks as creditors, with Fifth Third Bank in North Carolina listed as the largest.[2

[2]See  http://www.arkansassports360.com/86792/arkansas-razorbacks-coach-john-l-smith-files-for-bankruptcy

Bankruptcy  filing start with submission of schedules that show your debt and assets.

 

Bankruptcy debt relief can involve millions of dollars. “Documents filed in U.S. Bankruptcy Court in the Western District of Arkansas show Smith has assets of between $1 million and $10 million and debts of between $10 million and $50 million. The filing is preliminary and more details will be added to the record later.”[1]

You may say I want a Chapter Seven Bankruptcy “A Chapter 7 filing is used to liquidate debts, as opposed to chapters 11 and 13 which are used for reorganization”[1]

Bankruptcy gives you a fresh start. “Smith discussed his dismal financial condition during the summer because he didn’t want his situation to become a distraction when the No. 8 Razorbacks started playing games.”[1]

Why are you in Bankruptcy? Here’s Smiths reason. “Smith said in July that he began the land investments when he was coaching Louisville from 1998-2002 and that he and other investors lost money when the real estate market softened.”[1]

The fresh start of Bankruptcy and its fresh start allows you to stay focused on the issues of life.  I am sure Arkansa  supporters want Smith not to be distracted.

“After Arkansas fired Bobby Petrino in the spring, Smith came on board for a 10-month contract worth $850,000. He left Weber State, where he had accepted the head coaching job.”[1]

Athletic director Jeff Long told the AP that Smith had been candid about his financial situation and he didn’t hold it against him, especially considering the economy.[1]

Smith said in July that he began the land investments when he was coaching Louisville from 1998-2002 and that he and other investors lost money when the real estate market softened.

[3] see   http://www.usatoday.com/sports/college/football/sec/story/2012-09-06/arkansas-coach-john-l-smith-chapter-7-bankruptcy/57653346/1

Arkansas spokesman Derek Satterfield said he didn’t anticipate the program would issue a statement Thursday.

Messages were left seeking comment from Smith’s attorney, Jill Jacoway of Fayetteville.[1]

YOU SHOULD NOT BE EMBARRASSED TO FILE FOR BANKRUPTCY SMITH IS NOT

Smith said in July he didn’t want his financial woes to impact the school."From a personal standpoint, I don’t want the university being embarrassed, but I’m not embarrassed," Smith said at the time. "It’s something that’s happened. I made some mistakes, and to be honest with you, I’m a football coach, not a businessman."[1]

For your Bankruptcy information call 810-235-1970 Terry Bankert for your Genesee County Michigan Bankruptcy.

[1]
standard.net/stories/2012/09/06/arkansas-smith-files-chapter-7-bankruptcy