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Ed Cherry Chapter 7 Bankruptcy Update

Written by Steve Rhode

Recently I wrote about the bankruptcy filing of debt relief entrepreneur Ed Cherry of Hess Kennedy and Fidelity Land Trust, The Consumer Law Center fame, here.

At the time of his bankruptcy filing his filing was missing a number of documents. Those have subsequently been filed.

The updated documents show:

Ed Cherry owns personal property of $5,275 but lists liabilities of $81,304,142.

He owes $1,278,629 in taxes and certain other debts owed to governmental units.

Despite being associated with Fidelity Land Trust, Cherry lists no real property owned.

He lists $60 in his pocket and $32.90 in the bank with Suntrust.

As far as assets go he says he owns a 33.3% interest in Hess Kennedy Chartered in the British West Indies which has been in receivership since 2008. He also lists 100% interest in Growth Capital Funding which is worth $176.81 and 100 percent owner of Zion Partners Irrevocable Trust that is worth $497.50.

When it comes to liabilities he lists

Raquel Cherry for child support.

IRS – 2007 income taxes = $574,272
IRS – 2088 income taxes = $661,356
IRS – 2009 income taxes = $14,000
IRS – 2010 income taxes = $29,000

Chase Bank from a lawsuit = $72,000,000
Commissioner of Internal Revenue Florida = Unknown
Coneca Properties = $250,000
Daniel Stermer as Hess Kennedy Receiver, Judgement Lien = $6,539,884
Florida Attorney General Consent Judgment = Unknown

When it comes to income Ed Cherry claims he is self-employed and has money coming in as trustee of Zion Partners Irrevocable Trust. Cherry lists his self-employed income as $5,000 per month and his trustee income as $10,000 per month.

He claims that despite of earning $15,000 per month he is negative $1,735 per month. His expenses are shown below.

Ed Cherry says his income in 2010 and 2011 was $120,000 from being self-employed. For 2012 he says his income year to date is $30,000 even though he lists $15,000 per month in current monthly income. Must have been a rough year before this month then.

READ  Ed Cherry, of Hess Kennedy Fame and Related to Fidelity Land Trust, Files Chapter 7 Bankruptcy

But here is the odd thing. Cherry says that in 2012 his actual income has been $25,000 + $50,000 for $75,000. He reports his net income has been $17,500 + $35,000 which equals $52,500. – Source

Cherry lists his lawsuits as:

Cherry also lists a relationship with Fidelity Land Trust Company.

Ed also states he has only been an officer, director, partner, or managing executive of the following businesses. – Source

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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