Bankruptcy is something that people in New York should not take lightly. Before filing for Chapter 7 or Chapter 13 protection, debtors should consider the pros and cons of bankruptcy. Hopefully, Casey Anthony did this before her recent filing.

As many remember, Anthony was involved in a highly publicized criminal case during which she was acquitted of the murder of her 2-year-old daughter, Caylee Anthony. Her criminal case came to an end in 2011, but she is set to head back to court for bankruptcy. According to the filing, the infamous woman has nearly $800,000 in debt and less than $2,000 in assets. If her filing is approved by a judge, she will likely be given a fresh financial start without much grief.

Some are worried that the filing is fraudulent, but the court is reviewing the situation to make sure that the document is truthful. In it, Anthony indicates that she has no income and has accumulated the majority of her debt during her court cases. Much of her debt is owed to her criminal defense team: approximately $500,000. In addition, she owes $61,505 to the Florida Department of Law Enforcement for court costs, $146,660 to the Orange County Sheriff's Office and more than $68,000 to the Internal Revenue Service for unpaid taxes.

In a typical Chapter 7 case, the filer is assigned a trustee who then examines the assets of the individual and determines what can be liquidated to pay a portion of the debt that is owed. Since Anthony has so little, this will not likely occur as the amount she could afford to lose would not create a worthwhile payment.

More than 80 creditors are included in her bankruptcy, and examiners of the filing noted that scuba diving services were listed under the things she owes money for.

Source: Examiner, "Casey Anthony bankruptcy: Chapter 7 filed for $800,000 in debt," Bruce Baker, Jan. 27, 2013