Even Nascar Drivers May Need Bankruptcy Protection At Times

Bankruptcy Attorney

Jeremy Mayfield, the former race car driver for NASCAR, is married to Shana Mayfield. He is not listed on her bankruptcy petition though, even though his name is on the home involved in the case along with hers. Shana filed a petition for chapter 7 bankruptcy, and in the forms the house owned jointly by the couple is listed . The home was foreclosed on before the bankruptcy was filed, and in the documents Shana Mayfield lists assets valued at less than $50,000 but claims debts that may add up to around $10 million.

Carolina Farm Credit owns the mortgage on the Mayfield home and the company foreclosed on the property in April 2012. The balance on the home mortgage owed is $2.7 million but the current value of the property is only appraised at $1.7 million on the market. The mortgage company may not be able to gain access to the home and surrounding property though. When Shana Mayfield filed for chapter 7 bankruptcy protection the automatic stay went into effect and all collection activities must cease immediately. This has left Carolina Farm Credit with no recourse except to ask that the stay is lifted for the company and this specific debt.

The attorney that Shana Mayfield hired has asked that the stay on collection activity is not lifted for Carolina Farm Credit, and it is a very good possibility that the couple will win this round but end up losing the home anyways. The petition filed was not a joint petition and Jeremy Mayfield is not listed as a petitioner in the case.

The Mayfield case shows just how powerful the bankruptcy protections offered can be. Creditors can only move to collect money by requesting permission from the bankruptcy judge, and these motions are often denied and the creditor must wait until the final hearing in the case to get relief for secured debts. Since the mortgage is a secured debt backed by the property Carolina Farm Credit will most likely end up with access and possession of the property, the only real question is how long this will take.

If your debts seem to be piling up and you are facing serious financial difficulties it is important to remember that help may be available. An experienced bankruptcy lawyer can evaluate your individual circumstances and provide sound legal advice and all of the possible options in your case. Bankruptcy is not always the best answer but in many cases this step can be an ideal solution that offers a fresh start financially.

The knowledgeable bankruptcy attorneys at Richard West Law will provide a free debt consolidation consultation to help you find the right answer for your unique debt problems and circumstances. Visit https://www.debtfreeohio.com or call (513)771-8700 or (937)748-1749 to get the answers you want, and the financial relief you are looking for.

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