Dourdan’s filing indicated that he had $1.8 million in assets, but owes his creditors approximately $1.73 million.
His assets listed on his bankruptcy schedules include:
- $200.00 cash;
- $3,000.00 in a bank account;
- $4,000.00 in furniture;
- $200.00 worth of books;
- $1,500.00 in clothes;
- $500.00 in watches; and,
- 2006 Dodge Charger worth $7,000.
Dourdan indicates that he has average monthly income of $14, 883.00 and monthly expenses of $14,562, leaving only $321.00 per month to pay to his creditors.
Chapter 11 bankruptcy is normally used by major corporations that want to stay in operation and reorganize their debts.
In recent years since the 2005 enactment of Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), Chapter 11 bankruptcy has become more common for individuals with assets and/or debts that exceed the Chapter 13 personal reorganiztion limits, but who also make too much money to qualify for a Chapter 7 bankruptcy.
It is reported that Dourdan anticipates having additional income available for his creditors as new acting opportunities become available.
by Kevin Gipson, New Orleans, Louisiana bankruptcy lawyer.