A List Of Georgia’s Most Famous Bankruptcy Declarations
If you’ve spent the past few years struggling with credit card debt relief and trying – and, as likely, failing – to avoid bankruptcy, you’re hardly alone. from Atlanta to Macon, just over one out of every eighty Georgia households has filed for Chapter 7 or Chapter 13 Bankruptcy protection over the past year, and that ranks second in the nation only to our friends across the border in Tennessee. between ever rising credit card debt accounts and the costs of hospitalization or medical attention for our uninsured citizens, all too many of our consumers have been
forced to consider bankruptcy (or another variant of debt relief such as debt settlement negotiation) to try and repair matters. in fact, you’d probably be surprised to learn just how star studded the litany of Georgians who have filed for bankruptcy has become ….
Born in Athens, GA in 1953, the former Kimila Ann Basinger’s ties to the Peach State ran so deep that members of her family convinced the
model and actress to buy – along with the minority assistance of a few other investors – the entire town of Braselton, Georgia in 1989 to develop as an eventual tourism hub and film studio for location work. Doomed to failure from almost the start, the Hollywood South angle never took hold, and about all the only thing that truly blossomed from the Georgia land purchase was reportedly bitter in-fighting amongst her loved ones. after backing out of a role in “Boxing Helena”, Basinger was sued for breach of contract for eight million dollars and could not avoid bankruptcy declaration to protect her estate from rabid creditors. (Braselton, GA was subsequently pur
chased by a real estate magnate and has enjoyed an unexpected renaissance over the past decade, more than Ms. Basinger in any event)
• Evander Holyfield
The former gold medal winner and undisputed global champion in both the cruiserweight and heavyweight divisions – the only man to ever claim the heavyweight crown on four separate occasions – Evander Holyfield could well be considered to be the last of the great boxers and amassed a reported net worth of more than two hundred and fifty million dollars at the height of his fame. Alas, as happens so often with celebrities born to desperate poverty, outsized talents were accompanied by outsized appetites, and Holyfields towering credit card debt balances together with alimony bills and the mortgage on his one hundred and nine room Atlanta mansion forced him to file for bankruptcy from his current residence of Fayette County, Georgia.
• Georgia’s Sea Island Resort
More than just people around Georgia can fall into trouble with bills necessitating debt relief, of course – mrs. Winner’s Chicken and Biscuits another high profile victim – and, though most significant enterprises would attempt a form of debt settlement in order to avoid bankruptcy and safeguard their initial investment, sometimes the difficulties are simply too widespread for the traditional routes to be of any success. Filing for Chapter 11 bankruptcy protection was a particular embarrassment for the Sea Island Company, whose CEO Bill Jones III would boast to newspapers and magazines about the extent to which his empire had been financed by overly willing lenders, and the failure of the ultra exclusive four star resort (which hosted the G-8 economic summit just a few years ago) vividly illustrates the depths of the Georgian debt relief struggle.
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