One cannot always predict when major financial problems will arise. Some issues are undoubtedly more serious than others, as many Florida residents may attest. Former boxing world champion Vinny Paz is facing some serious financial troubles of his own. His home is in foreclosure due to a situation reportedly connected to unpaid tax violations.
Paz apparently owes more than $375,000 in back taxes in another state. He has faced other legal problems in his recent past as well. He pleaded no contest in one situation regarding allegations that he assaulted his girlfriend. The other incident that led to criminal charges against him was also related to an alleged assault.
The 55-year-old was the subject of a Hollywood film, which told the story based on his real life where he made a major comeback in the ring after suffering a broken neck in a motor vehicle accident. As it stands, once the foreclosure process is over, the former champion's home will go up for auction. Paz is definitely not the first person to encounter serious financial challenges.
Many financial crises are resolvable. In fact, Florida residents who tap into local legal resources may find debt relief options available to help them avoid foreclosure. There are several types of bankruptcy, for instance, that may stop foreclosure as well as loan modification programs. Tax debts, such as those mentioned in the Paz case, are not dischargable through bankruptcy, but an experienced debt relief attorney can help determine what the best course of action may be in a particular situation.
Source: wpri.com, "Vinny Paz may lose home in foreclosure", Nancy Krause, May 17, 2018