Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

OJ Simpson Defense Attorney F. Lee Bailey Files Again for Bankruptcy

F. Lee Bailey, OJ Simpson’s former defense attorney has filed for bankruptcy once again; this time to create a payment plan to resolve a federal tax debt owed.

Bailey recently filed for Chapter 13 bankruptcy, which allows a person who has a steady income to create a payment plan with creditors.  His latest bankruptcy filing will allow Bailey to discharge certain debts he could not eliminate in his Chapter 7 personal bankruptcy filing last year.

Bailey resolved his personal IRS debt through the earlier bankruptcy filing, but the federal government retained liens on some of his property that could not be discharged in the prior case.

His attorney said he estimates the IRS liens on Bailey’s property are worth about $100,000, but the government could dispute that as federal officials previously estimated their secured claims against Bailey at around $600,000.

Bailey owed the IRS approximately $5 million, in total.  Bailey’s filing in the Chapter 13 case states that he has assets worth between $100,000 and $500,000 and debts between $1 million and $10 million.

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