LOS ANGELES (LALATE EXCLUSIVE) – What does Todd Chrisley do for a living, where is Chrisley and Company, how did Todd Chrisley make his money, and what is going on with Chrisley’s bankruptcy case? Recently a tabloid site reported that Chrisley family bankruptcy issues were about to be settled and concluded. Rather, the report is misleading. Todd Chrisley filed for personal bankruptcy. And his former company Chrisley Asset Management filed for corporate bankruptcy. Each case got their own trustee. And each trustee sued Julie Chrisley claiming alleged fraudulent transfer of assets to Julie. Julie and Todd disputed the same. Now Todd Chrisley’s personal bankruptcy trustee is considering settling his case. But that has nothing to do with Todd’s Chrisley Asset Management bankruptcy case. In fact, the proposed settlement from that personal bankruptcy case clearly states it does concern the corporate case. And now, LALATE can exclusively report, Julie Chrisley is just days away from responding to that corporate bankruptcy lawsuit against her.
Todd Chrisley’s Chrisley Knows Best tonight heads to E! The show – which LALATE has called one of the best reality shows on TV – returns to USA later this year. But Julie Chrisley has other issues to contend with. Among them are $726,302.44 being sought by Chrisley Asset Management’s trustee against her. The money allegedly came from Chrisleys and Company LLC accounts via transfers between January 1, 2012 and roughly April 2014. The trustee is seeking to recoup other moneys from other entities; but the above amount is just that at issue with Julie. Her response to the complaint is due in March.
Roughly nine claims are being brought against Julie. Todd made his money rehabbing homes for Fannie Mae, under contract, with his company Chrisley Asset Management. But a state court suit between the owners of the company erupted. And the Fannie Mae contract was not renewed by Fannie Mae. The trustee claims “From and after some date currently unknown to Trustee, but, upon information and belief, well-known to Defendant Julie Chrisley, Defendant Braddock, and others, and which was no later than the date upon which Debtor was formally advised that Debtor’s contract with Fannie Mae would not be renewed—June 6, 2012—Debtor made the Avoidable/Recoverable Transfers described herein with actual intent to hinder, delay, or defraud Debtor’s then existing and future creditors as provided in Official Code of Georgia Annotated section 18-2-74(a)(1).” He adds “At the time Debtor made each of the Defendant Chrisley & Co.-Related Transfers, numerous creditors held claims against the Debtor… Each of the Defendant Chrisley & Co.-Related Transfers was made without Debtor receiving reasonably equivalent value in exchange for such transfer at a time when Debtor: (a) was insolvent, or became insolvent as a result of such transfer”, and other alleged reasons the trustee claims. So the trustee is seeking to void each alleged transfers to Juile.