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It is highly likely that many in the Miami area are facing financial difficulties and contemplating filing for bankruptcy. Despite exhausting other options it can emotionally be difficult to make that decision. Individuals may be feeling that they need to find a way to work things out. People who find themselves in that situation may take solace in the news of a businessman who has filed for Chapter 7 bankruptcy.

The personal debt the man reported in his filing is around $310 million. In contrast, his assets were listed at only $6,546. In addition to owing $6.3 million in taxes to the Internal Revenue Service, he reportedly owes approximately $383,000 to the Arizona Department of Revenue.

How he came to this point apparently has to do with his business. The businessman reportedly developed residential, commercial and mixed use developments throughout the southwest portion of the United States. Several of the developments apparently failed, leaving the man facing great debt.

Chapter 7 bankruptcies are sometimes referred to as liquidations. This is because as part of the process, the assets of the filer are sold and the proceeds distributed to the creditors. Depending on the situation it may be possible to keep one’s home, car or business.

While the level of debt the filer in this case has reported is most likely much higher than most potential filers in Miami are facing, the case illustrates that anyone can find themselves facing bankruptcy. It is important for debtors in South Florida to recognize that bankruptcy protection is a legal right they are entitled to exercise when needed.

Source: Vegas Inc., “Las Vegas businessman files $310 million personal bankruptcy,” Steve Green, May 31, 2012