On behalf of Law Offices of Mark M. Kratter, LLC on October 29, 2012
A couple that won several million dollars in a lawsuit has recently filed for bankruptcy. This filing may be surprising, but it also shows that Chapter 7 bankruptcy can happen for many reasons and to any Connecticut resident. The couple was embroiled in a lawsuit several years ago over butter flavoring used in popcorn.
The couple won a $20 million lawsuit against the company. The husband had worked at a popcorn factory and developed an incurable lung disease caused by the artificial flavoring. The man will eventually need a double-lung transplant due to his condition. The lawsuit earned national attention, spurring others to settle with the makers of the chemical flavoring.
The amount that the couple actually received from the judgment is unknown, but it is believed that the law firm which represented the couple received 35 percent of their award. Money from the judgment was also set aside to give to other workers at the plant. The couple listed a liability of $107,147 in their bankruptcy. That liability came from a legal claim from a contractor who built the couple a home originally worth nearly $4 million dollars. Some of their assets were vehicles, a Kawasaki Mule, furniture items and a microwave oven.
A Chapter 7 bankruptcy filing can help Connecticut residents struggling to make ends meet. Although the couple in this case won a large judgment, it is unknown how much money they received or what their previous debts and liabilities were. With their recent filing, they will receive the help they need to deal with their financial debt load and will hopefully be able to start over.
Source: Press Republican, "Couple that won $20 million lawsuit files for bankruptcy," Oct. 21, 2012
