NASCAR Wife Files For Bankruptcy

: Chris Lee Law Firm

  Filed under: News

Jeremy MayfieldNASCAR driver Jeremy Mayfield has had a bit of trouble in his personal life in recent years. Financial concerns, allegations of drug abuse and divorce have plagued Mayfield, but the trouble doesn’t stop there. Mayfield’s former wife, Shana Mayfield, recently filed for Chapter 7 bankruptcy, leaving some of their creditors hanging in the balance for repayment.

Filing Separately

Since their divorce, Shana Mayfield has been pursued by creditors over jointly held debts that she and Jeremy accrued in marriage. The couple once took out a second mortgage on their home in Catawba, North Carolina in 2006. In 2011, the 445-acre property entered foreclosure when the Mayfield’s defaulted on the $2.7 million debt owed on the home. The home was auctioned earlier this year to the winning bidder, Carolina Farm Credit; the current lender of the home’s mortgage.

Listing debt liabilities between $1 and 10 million, Shana Mayfield is seeking Chapter 7 bankruptcy over their remaining debts. With less than $50,000 listed in assets, the Mayfield’s creditors could be out of luck for repayment. Further, the Carolina Farm Credit may not be granted access to the property they purchased through auction if the bankruptcy case proceeds and exempts the property from liquidation. Earlier this month, the Carolina Farm Credit filed a motion to lift the automatic stay order issued as the result of the filing in order to complete the foreclosure. The final decision is expected in court on July 13th.

 


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