In September, we blogged about the bankruptcy of Olympic gold medalist Rulon Gardner.
Two weeks ago, a bankruptcy trustee postponed the auction of Gardner’s assets, and the trustee will now reconsider allowing the heavyweight wrestler to keep or buy back some of his possessions.
According to the Associated Press, Gardner’s October 27 auction was to feature some of his most valuable assets including a Ford Excursion SUV, a Harley-Davidson motorcycle, dozens of watches and knives, his wrestling shoes and autographed memorabilia.
Gardner’s bankruptcy lawyer, Anna Drake, told the AP that Gardner is going to make an attempt at purchasing some of the items back.
According to the AP, Gardner took out a large loan from Westcoast Lending Group Inc. in 2007 with plans to invest in a geothermal energy project that never came to fruition. He eventually defaulted on the loan and filed for bankruptcy earlier this year.
Liquidation is a common in a Chapter 7 bankruptcy; however, certain assets can be saved if you work with an experienced attorney. When you file a bankruptcy, some assets do not have to be included in a petition, as there are exemptions on certain items.
Chapter 13 or Chapter 7 bankruptcies allow you to discharge debts like credit card debt and medical bills. Contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.
