Bankruptcy Indiana

Yesterday in my Indiana bankruptcy blog, I talked about actor Nicholas Cage, using the celebrity’s bankruptcy case as a teaching tool to help readers and Indiana bankruptcy clients get a better picture of the causes of bankruptcy and how the bankruptcy court process works.

Two common factors in bankruptcy, foreclosure and back taxes, played a major role in creating Cage’s financial woes. I explained that lenders foreclosed on two of Cage’s real estate properties, and that he owes millions in back taxes.

In addition to these factors, there are two others that played a part in the Nicholas Cage case that are the same problems the Columbus bankruptcy lawyers in my office there deal with every day (on a smaller scale, to be sure), and with which I deal as a bankruptcy lawyer in Indianapolis.

BUSINESS PARTNERS AND LAWSUITS
Cage is suing his former business manager, claiming Samuel Levin neglected to pay taxes on his behalf and that Levin put him in risky investments.

As a small business bankruptcy lawyer in Indiana, I often see situations in which business partners who each appeared to have skills that could help the other, end up becoming enemies, with one partner getting sued.  Often that plays a part in driving the business - and sometimes its owners along with it - into bankruptcy court.  


EXCESSIVE SPENDING
There seems little doubt that Cage could have curtailed his spending.  After having spent many millions of dollars acquiring real estate properties around the world, including a castle in Germany, Cage spent $276,000 on a dinosaur skull.

It's interesting.  There are many myths about bankruptcy being the resort of deadbeats who spend excessively, then want to walk away from paying the tab.  Yet, after almost twenty years of offering Indiana bankruptcy help, including payday loan help and student loan debt help, I can tell you that almost none of my bankruptcy remotely resembles Nicholas Cage when it comes to spending. Overwhelmingly, the Indiana citizens I've been helping were driven to declare bankruptcy because of events and factors beyond their control, primarily medical emergencies, divorce, and job loss. 

So, what are the lessons to be learned from the Nicholas Cage news?  As CNN Money put it: "Even Academy award winners are suffering from financial woes this recession." 

Being a bankruptcy lawyer in Indiana, I believe, is all about giving help, but it’s also about people finding help. My work is about helping people find the courage to take advantage of the help that's available.

And spreading the work about the help that's available is the mission of my Indiana bankruptcy blog.