Ebony Magazine has filed for bankruptcy and its extensive collection of photos may be up for auction as soon as July if approved by the bankruptcy court in Chicago.
Auctions are typical in bankruptcy cases when there are assets that are not protected by federal and/or state law. In this case, Ebony Magazine that filed for Chapter 7 bankruptcy protection in April has a photo collection that was appraised at one point at $46 million per an NBC report.
In Florida, assets exempt from a Chapter 7 bankruptcy depends on whether you have homestead property or not. With a homestead property, your assets are protected to a maximum amount of $1,000 and $4,000 without real property.
For a free consultation regarding your bankruptcy, call or text attorney Alex Hernandez.
Alexander Hernandez represents clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents.
(904) 712-5565 or (305)-688-LAWS (5297).