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Settlement reached in football coach's Chapter 7 bankruptcy

One type of personal bankruptcy that individuals here in Maryland sometimes file for is Chapter 7 bankruptcy. Such bankruptcies generally involve a discharge of debts. Recently, a settlement was approved in the Chapter 7 bankruptcy case of a public figure and the figure's debts were discharged.

The public figure in question is college football coach John L. Smith. Smith formerly was the head coach at the University of Arkansas. He currently has a head coaching job at a college in Colorado.

Last year, Smith submitted a Chapter 7 bankruptcy filing. Smith reported having over $40 million worth of debts.

There are many different things that can lead to a person facing debt struggles. According to Smith's filing, Smith's high debts came from real estate deals that had gone poorly.

Recently, Smith and his creditors reached a settlement in this bankruptcy case and this settlement was approved by a judge. According to the article on USA Today's website which reported this story, as part of this settlement, Smith's debts have been discharged and Smith will give up around $665,000 worth of cash and assets.

As this case shows, bankruptcy cases are sometimes ended through a settlement. Bankruptcy settlements can involve many different terms. The process of negotiating a bankruptcy settlement can be very complicated and what terms a settlement ultimately contains can have significant impacts on an individual. These are some of the many reasons why having an experienced bankruptcy attorney on one's side can be very important when one is going through the bankruptcy process.

Source: USA Today, "Ex-Arkansas coach discharged of debt in bankruptcy deal," Brent Schrotenboer, Sept. 5, 2013

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