In its ongoing coverage of Tom Martino’s bankruptcy proceedings, the Denver Post reports that an airplane hangar that he owns is going to be sold publicly as part of the liquidation of assets. The Post reports that Mr. Martino has objected to the sale of the hangar, but under his Chapter 7 bankruptcy, the court appointed a trustee, who oversees the asset liquidation. Mr. Martino’s attorney has indicated that he has settled a number of his debts, and believes that the sale of the hangar should not be necessary, but according to Judge Michael Romero, because the proceedings are Chapter 7 bankruptcy and not Chapter 11, the individual does not have control over the liquidation process. Most of the debts involved resulted from real estate deals that did not come out the way he had hoped with the poor economy.
Are you considering bankruptcy for a fresh financial start? Contact an experienced Denver bankruptcy attorney to discuss all of your options.
Bankruptcy is an extremely complicated area of law. In many cases, bankruptcy may be the best solution to growing financial problems, and a way to get a fresh start, but knowledge is key. Anyone who is considering bankruptcy needs to educate him or herself as much as possible on the alternatives, the process, and what to expect. There are a lot of myths out there about bankruptcy, some of which make it seem like a better option and some make it seem like a worse option than it in fact is. Anyone heading for a legal process as potentially life-changing as bankruptcy should do so with eyes open, and the best possible information about what will happen during the proceedings.
If you are considering bankruptcy as a solution to financial problems, contact an experienced Denver bankruptcy attorney to discuss your options. Brian Daniel has helped a number of families and individuals to get a new start, and get control of their finances. Brian will make sure that you have the information you need to make a decision, and has the skills and knowledge to guide you through the process as smoothly as possible. For more information and a FREE CONSULTATION, contact Brian Daniel today at (303)951-0233.