is the coach of Ronda Rousey perhaps the most dominant and well-known fighter in the world. Yet even fame sometimes is not enough to save debtors from spiraling debts as Tarverdyan has incurred. Bankruptcy Court records indicate that over $700,000 in debt has been incurred by Terverdyan. While usually chapter 7 bankruptcy will provide the debt relief individuals are entitled too under title 11 of the US code. Inconsistent income and expense declaration along with not filing of taxes in such a high profile case has raised concerns of the chapter 7 trustee enough to investigate the matter further. Upcoming hearing on November 16, 2015, will shed further light on the filing.
While this case raises questions about income, expenses and not filing of taxes, Chapter 7 usually is not very complicated and the process is usually completed within 4 months. Unfortunately for Terverdyan the questions raised will prevent a prompt resolution of his case.
While bankruptcy is often the right solution to wipe out debt, None bankruptcy alternative are prudent to be explored when your issues will not resolve within the 4 month usually a chapter 7 bankruptcy takes.