BANKRUPTCY NEWS, Michael Jacksons Dermatologist filed for Bankruptcy!


Michael Jacksons dermatologist declared bankrupt [1]

KLEIN THE BANKKRUPT DERMATOLOGIST TO THE STARS IS FALLING.

London, Jan 3 …Dermatologist Dr Arnold Klein, who was once dubbed ‘dermatologist to the stars’ and was friends with Hollywood’s biggest names like Elizabeth Taylor and Michael Jackson, is now bankrupt. [1]

Flint Bankruptcy  Attorney Terry Bankert ,(810) 235-1970, using recent events to demonstrate Michigan BANKRUPTCY Law. If you have questions ask through http://www.atorneybankert.com

Bankruptcy is a bailout or fresh start to help people who have fallen into financial hard times get their life back on track.

A bankruptcy case is commenced when a debtor files a voluntary petition or is forced into bankruptcy by an involuntary petition. [2]

DR. LOST SIGHT OF HIS OATH AND NOW LOSES HIS MATERIAL POSSESSIONS.

Most natural and artificial persons who reside in the United States or whose domicile, place of business, or property is in the United States may file a voluntary petition under Chapter 7 of the Bankruptcy Code. 11 USC 109(a). See Official Bankruptcy Form B1, Voluntary Petition, available at http://www.uscourts.gov/bkforms/. Certain persons, such as railroads, banks, and insurance companies, may not be debtors under Chapter 7. 11 USC 109(b). Persons who are qualified to file petitions under Chapter 7 may also seek relief under Chapter 11, as may railroads. 11 USC 101(19A), 109(d).[2]

HOME IN FORECLOSURE

He lived a life of luxury, splitting time between three multimillion dollar mansions and driving Bentleys but now Dr Klein’s extravagant homes are in foreclosure and he is facing questions about his professional conduct leading up to Jackson’s death, the Daily Mail reported.[1]

Once a bankruptcy petition is filed and the case is commenced, a new entity called the estate is created. The estate consists of all of the debtor’s interests in real and personal property as of the date the petition is filed. The debtor, his or her trustee, and their attorneys are the persons primarily responsible for administering this estate.[2]

HE HAD TO AUCTION PRESENTS

According to the L.A Times, the doctor has even been compelled to auction off presents given to him from famous friends to pay his debts.[1]

The Chapter 7 trustee’s primary duty is to reduce all nonexempt property to cash as quickly as possible and distribute the money to creditors. Chapter 12 and 13 trustees are primarily responsible for analyzing proposed payment plans and ensuring that debtors comply with the terms of their confirmed plans, especially the payment provisions.[2]

DR. PLEAS TO HOLLYWOOD CELEBRITIES FOR HELP

He has also had to turn to the celebrities themselves, such as actress Carrie Fisher, who paid the doctor 150,000 dollars for a bankruptcy lawyer, according to court documents. [1]

ANOTHER DOCTOR GOES DOWN AFTER THE DEATH OF MICHAEL JACKSON

Dr Klein’s business suffered following the death of his long-term friend and client Michael Jackson. [1]

ALLEDGED WRONGFUL DOCTORS DELIVERY OF DEMEROL ARGUED TO HAVE FUELED THE ADDICTIONS OF MICHAEL JACKSON

When the singer’s physician Dr Conrad Murray was on trial last year, the defence team insisted that Klein provided Jackson with huge amounts of the drug Demerol, thus fuelling an addiction. [1]

STATE MEDICAL BOARD INVESTIGATING

After the guilty verdict, Klein revealed that he was under investigation by the state medical board. [1]

IN BANKRUPTCY THE DOCTORS SAID HIS PROBLEMS WERE FROM TWO EMPLOYEES THAT RIPPED HIM OFF

But in bankruptcy filings, he has blamed his money troubles on two former employees who he claims misappropriated more than 8 million dollars of his money. [1]

Once the bankruptcy petition is filed, the debtor, the debtor’s exempt property, and property of the estate are all protected by automatic stay provisions. This protection gives the debtor a breathing spell from his or her creditors by stopping all collection efforts, harassment, and foreclosure actions. However, criminal proceedings and actions taken by governmental units to enforce their police or regulatory power may continue.[2]

“The assets that Dr. Klein worked long and hard to build have been decimated,” one of his attorneys wrote in a June suit. [1]

An investigation of Klein’s claims by the U.S. Secret Service did not lead to any charges. [1]

THE DOCTOR HAD A LIFE STYLE HE COULD NO LONGER AFFORD

One of the accused, his accountant Muhammad Khilji, said Klein continued on his lifestyle of chauffeured cars and shopping sprees even as his business began to fail.[1]

SPEND SEVEN MILLION ON PERSONAL LUXURY SPENDING

In three years, Klein spent over 7 million dollars on ‘personal luxury spending’, including 800,000 dollars for holidays and 550,000 dollars for cars. [1]

SOME MAY THINK THE DOCTOR DOES NOT DESERVE BANKRUPTCY PROTECTION.
The aim of a Chapter 7 bankruptcy case is to give the honest debtor a fresh start in life by discharging most of his or her debts and allowing the debtor to retain his or her exempt property. The entry of a discharge order relieves the debtor of all personal liability on any debts dischargeable under the Bankruptcy Code and acts as an injunction against creditors’ actions to collect discharged debts.[2]

$20,000 A DAY LOSS IN INCOME.

Khilji asserted that this was despite Klein making just 500 dollars a day, down from 25,000 dollars at his peak. [1]

DOCTOR BEING SUED FOR MAKING ANOTHER EMPLOYEE BE HIS PIMP

A second employee, former office manager Jason Pfeiffer, has filed a suit against Klein. [1]

AMAZING AND DISGUSTING .

It claimed that the doctor ‘required Pfeiffer to assist him in his search for sex partners, often for hours each day or night’. [1]

-END-

Source
[1]
http://www.newstrackindia.com/newsdetails/257532
[2]
Michigan Basic Practice Handbook ch 10 (ICLE 6th ed 2007), at http://www.icle.org/modules/books/chapter.aspx/?lib=general&book=2007553820&chapter=10
(last updated 12/16/2011). \

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