Portland Bankruptcy Lawyer Blog

Portland Bankruptcy Attorney discusses Project Runway Star Jerry Tam's Chapter 7 filing

Nobody is immune from filing a Chapter 7 Bankruptcy these days. Case in point is Project Runway star Jerry Tam recently filed for a Chapter 7 liquidation bankruptcy. In a sad case of rags to riches to rags; Mr. Tam cashed in his life savings and life insurance policies to launch his own fashion label. He quickly rose up the ranks of the fashion elite and gained prominence on the hit TV show Project Runway. Hope was high prior to his bankruptcy filing.

Citing weak economic conditions and a lack of sales and investor interest Mr. Tam filed his Chapter 7 bankruptcy. This type of filing means that his interest in the fashion label "form" will be liquidated and all of Mr. Tam's property, which is not exempt under State law, will be sold to pay off his creditors. Its an end to a promising label. But without financing and cash flow there was no way it seems for Mr. Tam to continue on. Sometimes a Chapter 7 filing can be the best way to reset a career and start a new direction. We wish Mr. Tam well.

If you have any questions regarding a Chapter 7 bankruptcy feel free to contact one of our bankruptcy lawyers at 503-213-3842 for an over the phone or in person consultation in our Portland Oregon or Tigard Oregon offices.