Michael Jackson's parents have just recently come through their extremely complex and much-challenged bankruptcy proceeding. The couple filed for Chapter 7 Bankruptcy on March 1, 1999, and although their debts were "discharged" on June 13, 2000, there were so many adversarial motions from creditors, there were still filings coming in as of May 22, 2008, according to court documents obtained by RadarOnline.com.
In their initial petition, the Jacksons listed their assets in the $100,000 - $500,000 range and their estimated debts in the $10 - $50 million range.
Among the debts: $34,91602 was owed on a 1994 Mercedes Benz, $60,130.94 on a 1998 Land Rover, and $36,368.29 on a Land Rover Discovery. $32,561.06 was owed on personal income taxes to the State of California, and they were in to the IRS for $117,871.76. They owed $18 million on one lawsuit judgment and $4 million on another. They owned legal fees to several attorneys including Brian Oxman, who still works with them.
One interesting side note: the couple claimed "month to month tenancy only" on their residence in Encino, CA which they point out is owned by their son.
Comments
Sound something fishy around here. How can they own such cars, but said they were broke? - United States Bankruptcy Court
Posted Fri, 11/13/2009 - 2:17am
If Michael's parents have so much debt and had to file chapter 7 then why does Joe Jackson have a home in Vegas?? I would not call this being desitude!!!
Posted Tue, 06/30/2009 - 11:33pm
Leave the Jackson family alone!!!!! Let them grieve for the son in peace. They have enough to deal with.
Posted Tue, 06/30/2009 - 5:51pm
play the violin for these clowns!
Posted Fri, 07/03/2009 - 11:35am