Patricia Kluge, William Moses, File Chapter 7 Bankruptcy
Posted by | Posted in Bad Credits | Posted on 10-07-2011
Socialite Patricia Kluge and her husband, William Moses, have filed Chapter 7 bankruptcy in a Lynchburg, Virginia U.S. District Court. The couple estimates their debts at between $10 million and $50 million with between $1 million and $10 million in assets. Their bankruptcy filing shows that they have between 50 and 100 creditors.
Despite being known as “the wealthiest divorcee in history” following her 1990 split from media tycoon John Kluge, Kluge has somehow amassed $46 million in liabilities. The bankruptcy filing states that the couple’s debts are “primarily business debts.”
A minimum of three banks, Sonabank, Bank of America and Farm Credit Bank, are intrinsic in the Kluge/Moses bankruptcy filing.
According to the Huffington Post and reported on www2.dailyprogress.com by Bryan McKenzie, Kluge received a reported $1 billion from her divorce. Although the exact financial settlement is unknown, lowest estimates say she receives at least $1 million each year in addition to the 23,000 square-foot Albemarle House and a 3,000-acre estate in Virginia.
In reports from both Huffington and the Los Angeles Times, Kluge spent much of her settlement hosting extravagant soirees and starting a winery. She and her husband have defaulted on three loans on Albemarle House totaling about $23 million, as well as loans for the winery amounting to $25 million. In an interesting sidebar, Farm Credit Bank has sold the vineyard properties to reality TV star/real estate mogul Donald Trump for over $6 million. Say what you will about ‘The Donald’, he is one sharp cookie.
If you are contemplating filing for a Chapter 7 or Chapter 13 personal bankruptcy, do not proceed without an experienced and knowledgeable bankruptcy attorney from Legal Helpers at your side. For your free initial consultation, please call 800-260-1402 . It could be the key to your financial freedom.
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