Former NBA player, Larry Johnson, filed for Chapter 11 bankruptcy earlier this year. Â In his suit he admitted he owed more money than he had available, with a bulk of his liabilities due to back child support to baby mama, Laura Tate.
Johnson has now asked a judge to dismiss his bankruptcy, saying he doesn’t need it anymore now that he has settled things with his baby mama and can handle his finances on his own.
On September 11th, both parties reached a deal in which Johnson would hand over the deed to his $1 million Aliso Viejo, CA home to Laura Tate and his daughter to live in until their daughter turns 25. Johnson will also pay $55,000 to Tate over time. This deal will settle all claims from Tate against Johnson in regards to their child support issues.
While bankruptcy shouldn’t be used as a means to get our of child support. It’s good to see both parents could come to an agreement.
Source:Â theJasminebrand.com
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