Bankruptcy is primary issue in recent lawsuit

On Behalf of | Jan 5, 2022 | Bankruptcy |

When someone in Tennessee or elsewhere in the country runs into financial trouble, there are often multiple options to help alleviate debt. While most financial crises cannot be solved overnight, it is also true that they usually are temporary. Some people can lay the groundwork for a stronger financial future by filing for bankruptcy.  

On the other hand, some people are forced into bankruptcy. In one such case, a former billionaire who owned a resort for the ultrarich was forced to file bankruptcy because of an issue regarding back taxes he reportedly owed. However, a federal judge recently ruled that the state in question was wrong to force the resort owner into bankruptcy.  

The man has since filed a lawsuit against the Department of Revenue 

In Montana, where this case is unfolding, the man is said to have owed taxes on a $375 million loan. He is suing the Department of Revenue in light of the federal judge’s ruling. An agency representative stated that the department was informed of the lawsuit, but it had not yet reviewed any documentation pertinent to the case. Complex issues like this can take months or longer to resolve in court.  

It is helpful to reach out for legal support 

In Tennessee and elsewhere, there are many legal teams who are well-versed in bankruptcy issues. If a person believes that he or she was wrongfully forced into bankruptcy, it is helpful to schedule a meeting with an experienced attorney to review the case. The lawyer can also make recommendations as to what type of action might be best in order to protect one’s rights and interests.  

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