Chapter 7 article written by Columbia, SC bankruptcy lawyer Daniel Stone
Remember Jose Canseco? He was great baseball player for the Oakland Athletics in the late 80’s and early 90’s. Jose earned millions of dollars as both a baseball player and a celebrity. Madision Avenue loved him for his looks and broad shoulders. However, within the last week Jose Canseco has filed for Chapter 7 bankruptcy listing over $500,00 in IRS taxes owed.
I am listing this on the blog to remind my clients that it is not only the ordinary people like us that file for bankruptcy protection, it is also the rich that have fallen down due to the economy of the last few years. So many times I have potential bankruptcy clients that feel like they are the only ones experiencing tough financial times. I have to politely remind them that everyone is hurting right now in some sort of way.
What can we learn from Jose Canseco’s story? A few things. One, when you are experiencing productive financial times, save your money. You never know when you can lose your job or experience medical hardship, so let Jose Canseco be a reminder that during the “good days” save your money. Second, although he was a baseball player, he was also a 1099 employee and responsible for his own taxes. For all of you small business owners, remember to put aside your tax money each month so you want fall behind.
Written by Attorney Daniel Stone, Stone Law Firm, LLC