The goaltender for the Vegas Golden Knights hockey team owns a rare snake collection. He keeps the snakes on a reptile farm in Missouri. The athlete and his wife reportedly paid more than $1 million for the snakes but have not been keeping up with payments. In fact, the couple recently filed for Chapter 7 bankruptcy, citing more than $40 million in debt.
The couple estimates their asset value to be approximately $10 million. While the goaltender was promised $25 million for a five-year contract, hip surgery has kept him off the ice this season. The player, Robin Lehner, and his father have also encountered legal problems due to a lawsuit filed against them for a business loan they apparently secured together.
How Chapter 7 bankruptcy works
Many Missourians have found themselves facing similar financial crises as hockey player Robin Lehner and his wife. In such circumstances, Chapter 7 bankruptcy is a viable financial tool, which has several benefits. An individual in need of immediate debt relief may liquidate assets through the Chapter 7 program, with the proceeds then used to pay back creditors. There are also exemptions that allow filers to keep some property.
Upon filing a Chapter 7 petition, an automatic stay occurs. This means that the person filing the petition is protected against any attempts to collect a debt, including litigation, pending further order of the Bankruptcy Court. A filer must fulfill certain requirements to be eligible for this type of bankruptcy. It is helpful to seek support from a bankruptcy attorney to ensure that all requirements are met.
