New Jersey readers may be interested to learn about a former executive of an entertainment venture called the Mob Experience and his experience with personal bankruptcy. In his Chapter 7 filing, the man detailed many more liabilities than his assets could cover. In fact, he reported to the court that he held only $48,778 in assets available to pay for his $20.7 million in debts.
Some of the creditors named in the Chapter 7 bankruptcy petition include Antoinette Giancana and Vincent Spilotro, both children of famed organized crime figures. Others are investors in the entertainment venture that were unsatisfied with the slow ticket sales and unpaid debts. The Mob Experience was located in the Tropicana Resort & Casino in Las Vegas. It has since become the Mob Attraction, still at Tropicana.
Filing a Chapter 7 petition for bankruptcy protection requires that financial information be provided to the court in accordance with its guidelines. Included in this disclosure is information regarding the income of those who are seeking the protection of bankruptcy. In this case, the man reported that he earned approximately $75,000 in 2010 and 2011 and about $55,000 thus far this year from his employer, Murder Inc.
A Chapter 7 bankruptcy filing can provide a financial fresh start for many consumers. When a person finds that they have an overwhelming amount of debt, it may be that seeking to erase debt incurred and beginning again after bankruptcy is not only a viable option but also a necessary choice.
Source: Vegas Inc., "Former Las Vegas Mob Experience exec files $20.7 million bankruptcy," Steve Green, June 13, 2012