A few months ago I wrote about the defamation lawsuit between Girls Gone Wild founder, Joe Francis, and Steve Wynn.  That defamation lawsuit ended with Francis owing Wynn $40 million.  According to Aba Journal, however, “the award was subsequently cut to $19 million.”

The troubles for the Girls Gone Wild franchise didn’t end there, however.  As of late, ABC News reported that Girls Gone Wild has filed for Chapter 11 bankruptcy after losing several lawsuits against a number of parties.

What is Chapter 11 Bankruptcy?

Chapter 11 Bankruptcy is used by businesses.  It is a way for them to restructure their business while maintaining the ability to continue to operate while in Chapter 11.  Chapter 11 is a more complex and expensive method of filing for bankruptcy and is not commonly used by individual consumers.  It allows businesses to reorganize themselves and restructure their debts.

What to Do if Faced with Bankruptcy:

  • Consider Hiring a Bankruptcy Attorney. Hiring an attorney can be costly, but is likely necessary.  A bankruptcy attorney will help you eliminate credit card debt, unsecured debt, and creditor and collections harassment.
  • Get Consumer Credit Counseling. It is important to get consumer credit counseling to help you review alternatives to bankruptcy and consequences of bankruptcy.
  • Determine the Type of Protection You Want. You must decide if you are filing for Chapter 7, Chapter 13 or Chapter 11 bankruptcy.
  • Filing. File your petition for bankruptcy with the Bankruptcy Court.
Click to learn more about bankruptcy.
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