A Missouri couple that won a $20 million verdict against the manufacturers of a butter flavoring used in a popcorn plant, have filed for bankruptcy.
According to the Associated Press, Eric and Cassandra Peoples, of Carthage, have filed for Chapter 7 bankruptcy and are being forced to sell their $3.9 million home. The AP reports, “The couple listed the current value of their residence and 10.5 acres of land at $700,000 and personal property assets of nearly $33,000. They list liabilities of more than $611,000.”
The couple won a $20 million judgment in 2004 when Eric developed an irreversible lung disease because of exposure to diacetyl, a chemical that was present in the butter flavoring at the popcorn factory run by International Flavors and Fragrances Inc. and Bush Boake Allen Inc., where he worked.
The AP reports that it is unclear how much of the settlement the couple actually received. According to the AP, “[Eric] said at the time that his attorney’s firm was to receive 35 percent of the award, and their attorney, Ken McClain, indicated that a portion of it was to be spread among other workers involved in the lawsuits.”
It is not uncommon for people who receive large lump sums of money to run into financial problems due to poor fiscal management. We have detailed bankruptcy filings by athletes and other celebrities who have encountered similar problems.
Chapter 7 bankruptcies allow individuals to discharge debts like credit card debt and medical bills, and ends lawsuits and collections attempts. Post bankruptcy life can be less stressful for those who had large amounts of debt. If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.
Law Firm of Kevin D. Judd– Washington DC and Maryland bankruptcy attorney
