Gawker Media, the sometimes disrespectful and contemptuous online media news and gossip blog, has filed for Chapter 11 bankruptcy. This is most likely due to the recent court judgment that former pro wrestler Hulk Hogan obtained for $140 million dollars against Gawker for invasion of privacy. Filing for Chapter 11 will provide Gawker protection from its creditors and stop pending lawsuits including Hulk Hogan’s attempt to collect on his $140 million judgment. It will allow them additional time and control for reorganization and potentially workout a reduced settlement with Hulk Hogan.
Chapter 13 Bankruptcy for Individuals
Chapter 13 bankruptcy is similar to Chapter 11. However, it is designed for individual consumer debtor who needs relief and protection from his or her creditors. Just as businesses have used Chapter 11 as a tool when bad business decisions, the economy, etc., have made the day to day business operations impossible, an individual consumer has the option of Chapter 13. When bad things happen to good people such as illnesses, job loss, divorce, death of a spouse or loved one, you have options that will provide protection and relief. Chapter 13 can protect you and your family from losing a home in foreclosure, cars being repossessed, and your wages garnished. Many people do not realize that Chapter 13 can stop the IRS from levying against your wages and propose an affordable repayment of back income taxes that are owed. It can also stop pending lawsuits by creditors. Chapter 13 can be a powerful tool when you are overwhelmed with debt, collection letters, lawsuits, and harassing phone calls.
I would encourage anyone reading this to seek out counsel from an attorney who has experience in this area of law. My partners and I have been helping good people through bad times for almost 25 years. The worst thing to do is to do nothing. We offer a free initial consultation where you will meet an experienced attorney face to face so we can look over your situation and offer options. We can explore the Chapter 7 option at this consultation as well. Many people want to know what it is going to cost them before we even know details about their particular situation. It would be unfair to treat you like a commodity by quoting a fee until we have met and discussed your particulars. That is why we always offer a free initial consultation. Once we have a better understanding of your situation, we can discuss the fees and cost. I hope everyone reading this will find it helpful in reaching a decision about bankruptcy.