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Bankruptcy May Be Your Option

Oklahoma City Thunder analyst's bankruptcy petition dismissed

A recent matter involving a television commentator known for his work in relation to the Oklahoma City Thunder NBA basketball team is potentially noteworthy as a way not to handle a personal debt situation.

Grant Long, a commentator for the Thunder and former NBA player, is the subject of multiple creditor claims by businesses, both in and out of the state of Oklahoma, for a combined sum of more than $300,000. 

The apparent efforts of the alleged debtor to repay those claimed debts, however, have not had much effect in improving his credit situation. In fact, some of his actions appear to have made matters worse for him.

One example concerns a $5,000 short-term loan that Long borrowed from a jeweler. The jeweler possesses a handwritten note that he claims evidences Long’s intention to pay $6,000 in return, coupled with what he claims is the title to a car that Long owns which serves as collateral.

But the deadline to repay that money has come and gone. The loan remains unpaid, and according to the jeweler, the car title already has a lien on it.

Long had also filed for personal bankruptcy, but evidently only named a few of his creditors in the petition, which would mean that his bankruptcy would not shield him from the unnamed creditors. He then failed to appear at scheduled meetings with the bankruptcy trustee. As a result, his petition for bankruptcy has been dismissed.

The decision to file for bankruptcy can offer a fresh start to a debtor in serious financial trouble, but is not a choice to be made lightly. A lesson to be drawn from this individual’s financial troubles is that if one seeks the protection of personal bankruptcy, the assistance of an attorney may be helpful in making the best use of that protection and in navigating the bankruptcy process from start to finish.

Source: KOKH, "OKC businessman says Thunder analyst owes him thousands," Phil Cross, July 8, 2014

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