Former Investment Firm CEO Files for Chapter 7

The CEO of a large investment management firm filed for bankruptcy this month after being approved for a lifetime ban from the securities industry.

As with any Chapter 7 bankruptcy filing, the CEO will be granted immunity from creditors during the bankruptcy process. This will allow him to review his debts and obligations to creditors in order to decide how best to repay his debts.

While a portion of the debts will be discharged upon successful completion of the bankruptcy, there are certain debts that will be labeled as "non-dischargeable." These include items such as domestic support payments, taxes and money obtained through alleged fraud.

The CEO is also the subject of a lawsuit which claims that he committed fraud and breached fiduciary duties by engaging fraudulent activities. At this time, neither the CEO nor his attorney is responding to comments about the lawsuit or the Chapter 7 bankruptcy filing.

Filing for Chapter 7 in Illinois? If so, contact a Chicago Chapter 7 bankruptcy lawyer form our law office now. With help from our Chicago bankruptcy attorneys, you'll find that your filing is less stressful and it may also move faster.