Joe & Katherine Jackson Bankruptcy March 1999
Katherine and Joe Jackson filed for bankruptcy on March 1, 1999 (with filings still being reported as late as 2008), according to a new report from RadarOnline.
RadarOnline wrote Wednesday: In their initial petition, the Jacksons listed their assets in the $100,000 – $500,000 range and their estimated debts in the $10 – $50 million range.
Among the debts: $34,91602 was owed on a 1994 Mercedes Benz, $60,130.94 on a 1998 Land Rover, and $36,368.29 on a Land Rover Discovery. $32,561.06 was owed on personal income taxes to the State of California, and they were in to the IRS for $117,871.76. They owed $18 million on one lawsuit judgment and $4 million on another. They owned legal fees to several attorneys including Brian Oxman, who still works with them.
The couple claimed “month to month tenancy only” on their residence in Encino, CA, which was owned by the late King of Pop.
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On July 6th 2009, Vinklin wrote:
If they couldn’t manage their money when he was alive, what makes them think they could manage his estate affairs????