Judge Files Bankruptcy
|According to documents from the Eastern District of
the United States Bankruptcy Court, Lenoir City judge, Terry Vann, has
filed for chapter 7 bankruptcy. The filing, dated November, 17th 2009
states Vann's assets at $411,912.00 with debts of $2,361,050.97.
Among assets listed are $200 in clothing, a $10 watch and 2 cats. Also three vehicles, a 2006 Volkswagen, 2002 Harley-Davidson, and a 1976 Ford Pickup truck with bad motor. Lien holders listed on the vehicles are Tony Aikens, friend and Chris Clabough, acquaintance. Also a $150,000.00 house boat with First national Bank as lien holder.
Some debts listed include, $218,000.00 to the Internal Revenue Service for back taxes, Master Card $10,008.57, Discover Card $15,892.09, Dudley Taylor Attorney Fees, $15,168.96, Lawhorn and Associates LLC. Accounting Services $22,000.00, T-Mobile $330.00, United health Care, $680.00, Wholesale Supply, $12,000.00, First National Bank $795,117.00.
One statement in the 38 page document states, "Debtor estimates that, after any exempt property is excluded and administrative expenses paid, there will be no funds available for distribution to unsecured creditors."
Judge Vann is currently involved in at least two lawsuits with former business partner, Mike Ross of the Rarity Communities and currently has an outstanding lien against him by the IRS for $218,000.00.