Friday, March 11, 2005

Chapter 13 for Michael Jackson?

There has been much discussion in blogville (mostly negative) about the upcoming changes in the Bankruptcy Code. One key change will force many individuals who would otherwise file under Chapter 7 (where debts are discharged) into Chapter 13 (where there must be a plan to repay debts).

It appears that Michael Jackson may not want to hear about this change.
Prosecutors believe Jackson may be $300 million in debt, then said the singer may have $400 million in liabilities and that his financial troubles "will all come crashing down on him in December of 2005," Auchincloss said.
I wonder how much of that debt is the result of having to pay little boys and their parents to keep quiet.