Right-wing conspiracy theorist Alex Jones on Thursday moved to liquidate his personal assets, agreeing to demands from the families of Sandy Hook victims whom he owes more than $1.5 billion in damages over his lies about the 2012 school massacre.
I have no experience with bankruptcy but I always thought you were pretty much clear after something like chapter 7, unless it was debt to the government.
There are quite a few non-dischargeable debts. When it comes to legal judgments, if the damaged party objects to dismissal of the debt, it can remain, particularly if liens are involved. Liens can’t usually be discharged. That may be why Jones is seeking to liquidate. He can then start fresh using an company that he doesn’t own (but does control) to shield new assets. For instance, the company can provide him vehicles, a home, and an expense account. The company owns the real property, and the expense account is not considered personal income as long as it’s for “business expenses”. That limits the amount of his personal income subject to garnishment. I only hope that there’s a bidding war on Infowars so that his new company can’t afford it - and so the victims get max restitution.
Wouldn’t he be able to settle the debt through bankruptcy?
Pretty much only student loans can put you into perpetual debt in the US.
I thought he already declared bankruptcy …
Yeah, apparently if you caused the damages on purpose, the court can reject discharging the debt: https://www.bankruptcypower.com/blog/understanding-the-willful-and-malicious-injury-exception-to-debt-discharge/
I have no experience with bankruptcy but I always thought you were pretty much clear after something like chapter 7, unless it was debt to the government.
So did i, guess we were wrong
There are quite a few non-dischargeable debts. When it comes to legal judgments, if the damaged party objects to dismissal of the debt, it can remain, particularly if liens are involved. Liens can’t usually be discharged. That may be why Jones is seeking to liquidate. He can then start fresh using an company that he doesn’t own (but does control) to shield new assets. For instance, the company can provide him vehicles, a home, and an expense account. The company owns the real property, and the expense account is not considered personal income as long as it’s for “business expenses”. That limits the amount of his personal income subject to garnishment. I only hope that there’s a bidding war on Infowars so that his new company can’t afford it - and so the victims get max restitution.