Kevin Spacey Foreclosure and Bankruptcy Updates
It wasn’t too long ago that I blogged and posted a video on my YouTube Channel about Kevin Spacey’s foreclosure. This blog post is a follow-up to his foreclosure and possible filing for bankruptcy.
Kevin Spacey Is in the News Again
Kevin Spacey is back in the news, and it continues to be for negative reasons. First, Spacey faced endless allegations of sexual misconduct and harassment. Spacey went to trial in the U.K. for criminal charges, where three charges were dropped, and he was found not guilty on nine other charges by the jury. His legal issues resulted in a two-part documentary titled “Spacey Unmasked.” It was produced by Katherine Haywood and premiered in the U.K.
Spacey purchased his former Baltimore home while filming “House of Cards.” During an interview with Piers Morgan, Spacey confessed the financial toll the lawsuits have taken on him and confirmed he is facing foreclosure.
Can Spacey File for Bankruptcy
Spacey had mentioned in his interview with Morgan that he considered bankruptcy, but why he didn’t remains a mystery. Even if Spacey’s net worth is zero, which he had hinted at, at least by filing Chapter 7 bankruptcy, he could have delayed the foreclosure for a couple of months because of the automatic stay. Spacey does have a link for support on his website.
Spacey wouldn’t qualify for Chapter 13 bankruptcy, based on the estimated value of the Baltimore condominium, approximately $5.6 million. Chapter 11 bankruptcy, which is similar to Chapter 13, would have been an option if he wanted to keep his home, but without income, he wouldn’t have qualified.
This leaves Spacey with Chapter 7 bankruptcy, which might be required to eliminate any judgments he has. For example, the studio for “House of Cards” has a judgment of $30 million for violating their sexual harassment policies. He could wipe out his attorney’s fees as well with Chapter 7. This includes a deficiency judgment, which is the difference between what he owed on the mortgage and what the condominium sold for at foreclosure, which was $3.24 million.
If there are any updates, I’ll be sure to post them on a blog.
![](http://<a href="https://commons.wikimedia.org/wiki/File:Kevin_Spacey,_May_2013_(cropped).jpg">Maryland GovPics</a>, <a href="https://creativecommons.org/licenses/by/2.0">CC BY 2.0</a>, via Wikimedia Commons”>Maryland GovPics – Governor Tours the House of Cards Set.</a></figcaption></figure>
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