The Omaha World-Herald reports former Nebraska star lineman Aaron Taylor is hoping he can retain his memorabilia he surrendered to the trustee upon filing Chapter 7 bankruptcy. Included in the memorabilia was Taylor's three national championship rings, four district championship rings, and the Outland Trophy.
Taylor and other former Nebraska stars opened a restaurant in 2006. The debt became too much leading to the bankruptcy filing. The petition listed assets of $5,300 and debts of about $110,000.
The value of sports memorabilia can be difficult for the bankruptcy trustee to determine. In this case, an auction is scheduled to take place Oct. 31 in Scottsbluff, NE. The proceeds of the auction will go to pay Taylor's creditors. Taylor is hoping that donations from fans and help from his parents will allow him to be the winning bidder to get his rings and memorabilia back.Nebraska bankruptcy laws only allow an exemption of $2,500 for "any personal property".
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Chapter 7 and Chapter 13 are very different:
>Chapter 7 is faster
>There is no debt repayment in Chapter 7
>Chapter 7 ensures that most unsecured debt is eliminated
>Assets may be protected under Chapter 7
>Filing Chapter 7 can help rebuild your credit
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