Olympic Goldmedalist Files for Bankruptcy | Cache County Takes Assets
Rulon Gardner, the famous gold medal wrestler of recent summer Olympic Games, filed for bankruptcy protection. Mr. Gardner was well known to the state of Utah. He was raised in a nearby town in Wyoming and following his Greco Roman world championships, travelled throughout Utah and the west as a motivational speaker. Mr. Gardner was also a contestant on the famous show the Biggest Loser. However, Mr. Gardner left the show citing personal reasons even though he had lost a considerable amount of weight and was thought to be the favorite to win. Mr. Gardner fell into financial troubles following a mal investment into a geothermal energy project in Wyoming. Apparently, Mr. Gardner borrowed over 3 million dollars from an investor from California for the project which never materialized. For several months now, the investor has been attempting to collect on Mr. Gardner. Mostly unsuccessful ventures following Mr. Gardner’s Olympic fame have required his eventual bankruptcy filing.
Cache County Takes Mr. Gardner’s Assets
As part of the bankruptcy, the Cache County Sheriff’s Office in Logan, Utah, has seized personal assets of Mr. Gardner to be sold at auction. Such assets are believed to include not only signed sports memorabilia of Mr. Gardner, but also signed items of many other athletes, personalized Harley Davidson motorcycles, vehicles, and other assets. While the seized property will likely not be enough to satisfy Mr. Gardner’s debts, the creditors believe his personal items will yield substantial payments. In many Chapter 7 Bankruptcies in Utah, personal assets are not forfeited to the trustee’s office. If you have personal items you wish to keep after filing for bankruptcy in Salt Lake City or another area in the state, you should speak with a lawyer in a law firm right away. Certain items in your household are not subject to seizure, you should be aware of your rights.
Bankruptcy Attorney in Salt Lake
A Bankruptcy Attorney in our Salt Lake office can help if you or someone you know cannot meet their monthly bills and is buried in debt. There is a light at the end of the tunnel and we can help you get there. With Utah Bankruptcy Lawyers throughout the state, Salcido Law Firm can help no matter where you reside. Whether in Salt Lake City, Provo, Ogden, or anywhere else in the beehive state, we can help. Even successful athletes like Rulon Gardner may need a fresh start. You are not alone. Call us now, 801.413.1753.