EXCLUSIVE: Joe & Katherine Jackson’s Multimillion Dollar Bankruptcy

Michael Jackson‘s parents have just recently come through their extremely complex and much-challenged bankruptcy proceeding.  The couple filed for Chapter 7 Bankruptcy on March 1, 1999, and although their debts were “discharged” on June 13, 2000, there were so many adversarial motions from creditors, there were still filings coming in as of May 22, 2008, according to court documents obtained by RadarOnline.com.

In their initial petition, the Jacksons listed their assets in the $100,000 – $500,000 range and their estimated debts in the $10 – $50 million range.

Among the debts: $34,91602 was owed on a 1994 Mercedes Benz, $60,130.94 on a 1998 Land Rover, and $36,368.29 on a Land Rover Discovery. $32,561.06 was owed on personal income taxes to the State of California, and they were in to the IRS for $117,871.76.  They owed $18 million on one lawsuit judgment and $4 million on another.  They owned legal fees to several attorneys including Brian Oxman, who still works with them.

One interesting side note:  the couple claimed “month to month tenancy only” on their residence in Encino, CA which they point out is owned by their son.

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