January 27, 2011

Michael Jackson’s Dr Files for Bankruptcy

Posted in Bankruptcy tagged at 11:16 am by demetriagraves

Dr. Arnie Klein, a famous Beverly Hills, California-based doctor who treated celebrity clients such as Cher, Dolly Parton and Michael Jackson, filed for bankruptcy this week. It seems that all the controversy surrounding Michael Jackson’s death has had an effect on Dr Klein. He has filed for Chapter 11 bankruptcy protection in a Los Angeles Bankruptcy court citing debts between $1 and $10 million.

According to details in the filing,  Dr. Klein owes $80,000 to credit card lender American Express, $127,000 to the IRS and nearly $2.6 million to City National Bank for  outstanding mortgage payments. Also included among his creditors were one of his lawyers, the landlord of his office building and various medical partners.

Dr. Klein made headlines of his own following Jackson’s death, as he became a prominent figure in the investigation after admitting he prescribed Demerol to the late singer.

By filing for Chapter 11 bankruptcy, Dr. Klein signified that he plans to organize his debt, while not liquidating any assets, as a Chapter 7 filing would have indicated. He did not value his assets in the filing but reportedly became one of the highest-paid celebrity doctors while working with Jackson.

 

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