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.
Alexander Hernandez has been representing clients since 1999 in the areas of Chapter 7 Bankruptcy, Family Law, and Personal Injury.
Call for your appointment at (904) 602-5418 or (305)-688-LAWS (5297).
Weekend and after hours appointments available.
*Office across Orange Park City Hall on Road 17.