Vail A. Kaufman, P.A.
Always Free Initial Consultations
301-850-2470 or 800-724-1621

Big Time Lawyer Not Immune to Chapter 7 Bankruptcy

Typically, when we think of bankruptcy, we don't think of a former partner of one of the biggest law firms in the world.

In the case of Gregory Owens, former partner of the now-defunct Dewey and LeBoeuf, that is exactly what has happened,

The former partner recently filed for protection under Chapter 7 bankruptcy listing $2.8 million in liabilities, while making $31,250.00 per month -which averages to $375,000.00 per year-from his job at another major firm, White and Case.

Mr. Owens was saddled with significant debts as a result of his former firm, Dewey, going under a few years ago. He remained personally liable for debts owed to some of the clients.

For many partners, the lifestyle portrayed in the movies of throwing cash around and jet-setting around the globe isn't a reality. Many are making a living, albeit a very well-paid living, but they are high-flying jet-setters.

Mr. Owens lists his personal assets as rather small. He has about $5,800.00 in personal belongings, a penny collection and a broken watch. All of these items fit in his exemption.

He does have a $1,000,000.00 retirement fund, too. That retirement account is an example of a little quirk in bankruptcy laws which allow retirement vehicles to be fully exempt in bankruptcy.

It looks like Mr. Owens has had some better times, but at least he has a nice nest-egg to fall on when he retires in a couple of years.

The reason this bankruptcy is interesting is it shows that there is a definite need to consult a bankruptcy attorney in Maryland if you are considering bankruptcy.

There is a lot of nuance to the process and even though you might think you are not eligible to file bankruptcy based on what you read on the internet, you mgiht be wrong and need to come in and set an appointment to  go over your individual set of circumstances.

Feel free to contact our office for a free consultation in order for us to go over your situation.

(NOTE: The above-referenced bankruptcy is unique. Each bankruptcy will turn upon it's own facts and this article in no way guarantees an outcome or result)

No Comments

Leave a comment
Comment Information

Our Office Locations

Vail A. Kaufman, P.A.
8955 Edmonston Road
Suite A
Greenbelt, MD 20770

Toll Free: 800-724-1621
Phone: 301-850-2470
Fax: 301-513-0434
Greenbelt Law Office Map