About to lose his house?
Report: Lawrence Taylor files for bankruptcy protection
Posted: Friday October 30, 1998 10:04 AM
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Taylor owes about $350,000 in back mortgage payments AP |
NEW YORK (AP) -- In an attempt to keep creditors from seizing his
house, former New York
Giants great Lawrence Taylor filed for Chapter 7 personal bankruptcy,
the New York Daily News reported Friday. Taylor's lawyer,
Thomas Melani, told the Daily News that papers were filed in U.S.
Bankruptcy Court in Newark, New Jersey on Thursday to try and avoid
foreclosure on his client's $605,000 house in Upper Saddle River, New
Jersey. Melani said Taylor was at least one year behind in his
mortgage payments. He said though the remaining balance was only $220,000,
about $350,000 was due when adding missed payments, interest, penalties,
late fees and attorney fees. "The first mortgagee has filed for
foreclosure and received an order for a lockout, which means they would try
an dispossess Lawrence and try to recoup the mortgage amount, which is
around $350,000," Melani said. Taylor returned to a drug
rehabilitation center in the New York area on Monday, seven days after
being arrested in Florida on crack cocaine charges for the second time in
three years. Taylor contends he was set up by police in this latest
case. Taylor, one of the greatest linebackers in NFL history in a
13-year career with the Giants, was announced among 76 nominees for the Pro
Football Hall of Fame on Thursday.
Copyright 2003 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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