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Casey Anthony files bankruptcy

Casey Anthony, formerly on trial for the murder of her toddler daughter for which she was later acquitted, has entered into a bankruptcy agreement that will save her from having to sell her life story. The judge who is presiding in Anthony's Chapter 7 bankruptcy case approved the agreement in which she and her bankruptcy trustee agreed on a payment of $25,000 in order for her to not have to sell the rights to her story. Wisconsin bankruptcy clients may be able to enter into favorable agreements that allow them to retain the rights to income-garnering assets.

Casey Anthony filed bankruptcy in January. At the time, she claimed that she had approximately $792,000 in liabilities and only $1,000 in assets. She indicated that she did not have any recent income and that she was unemployed. She also stated that she had not received any money up to this time to tell her story. Furthermore, she stated that she had to rely on friends and strangers who would send gift cards and cash so that she could survive. She also indicated that she has been living with friends.

Previously, the bankruptcy trustee was considering whether Anthony could be required to pay off her debts to creditors by selling the rights to her life story. Anthony was opposed to the idea, and her bankruptcy lawyers argued that requiring her to sell the rights to her life story would relinquish Anthony's control over this information and would affect her for the remainder of her life. However, the question was a novel one presented to the court with no precedent to look to for guidance. The compromise was reached after both sides acknowledged that the other had a plausible argument.

Bankruptcy lawyers may be able to help individuals who cannot afford to pay off their debts. They may be able to protect some assets in the process.

Source: CBS News, "Casey Anthony agrees to pay $25K to bankruptcy estate to avoid selling her life story", August 02, 2013

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