More likely an island resort sipping rum and coke or a margarita.It sounds like he may be staying at the gray bar hotel for a while...
Yeah, looks like the poor guy had to put his $5.5M lakefront property on the market a couple of years ago. That will buy a lot of liquor. I wonder if he still has his 50-foot Marquis sports yacht.
He will be drinking a cuba libre and lighting cigars with $100 bills instead.
I've never taken bankruptcy so I don't know much about it but I thought a home was excluded from seizure under bankruptcy. Maybe he was trying to do the right thing and sell it to pay creditors. IDK
In a Ch7 bankruptcy you are mainly looking to rid yourself of unsecured loans (medical bills, credit cards, etc..) in an effort to keep your secured loans (home, car, etc..) so as long as you still have enough to pay for those, you can usually keep them through the discharge. However, in some (most?) states, if you have enough money to pay the mortgage AND enough equity in the home, they can actually change your bankruptcy to a Ch13, force you to remortgage (or even sell a 2nd home), and then use that money, usually along with a repayment plan, to at least partially repay your debts. These repayment plans are usually for 5yr.
