Attorney to OJ Simpson Files for Bankruptcy

“For those who’ve not followed the fortunes — and more recently the misfortunes — of F. Lee Bailey, it might have come as a shock to hear that Friday he filed for bankruptcy in a federal court in Maine. His assets: “A car worth less than two grand,” he told The Washington Post via telephone Sunday, “and some personal property worth less than five and a condo with a mortgage.” His liabilities: In excess of $5 million, owed to the IRS. And since the IRS imposes interest and penalties every day a taxpayer fails to pay, the debts were mounting rapidly. “My tax case finally ran out of string,” he said, “and there was no option left but to live with the judgments or to get rid of them through bankruptcy.””

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