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Man ordered to pay $3M in DUI crash files for bankruptcy

An attorney for the victims' family says the judgment is not a "dischargeable debt."

May 14, 2010 -- Back to News Index



In January, a circuit judge awarded Adrian "Stretch" Cummings $3 million in damages in his auto negligence lawsuit against William "Billy" Nichols Jr.

So far, only $500,000 of that judgment has been produced - the amount of Nichols' insurance policy coverage. Not a penny more has been paid in the last five months.

Now, it's even likelier that Cummings, who brought the lawsuit against Nichols following the deaths of his wife and daughter in November 2004, won't be collecting much more anytime soon.

Court records show that late last month, Nichols filed for Chapter 7 bankruptcy in U.S. District Court in the Middle District of Florida. This legal action automatically stays any collection actions against the debtor.

The owner of Ski Boat Solutions on Southwest College Road lists $191,630 in total assets and $3.6 million in liabilities, the bulk of which stems from the monetary judgment entered against him earlier this year.

Most of Nichols' assets are attached to the value of his 1.73-acre homestead property located in Ocklawaha, in addition to such miscellaneous personal belongings as two Arabian thoroughbred horses valued at $200 total.

But he's far more crippled by debt, bankruptcy papers show, including at least $120,000 in credit card expenses.

Nichols, who lists "sales" as his occupation, currently owns Ski Boat Solutions Inc., a dealership of ski boats and wakeboards. He used to be employed at Water Spots Ski & Skate Shop, a store owned by his father that went out of business last month, Nichols said in an interview.

Court papers show Nichols' reported employment income has considerably decreased over the last two years.

 

 

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The Law Offices of Peter M. Lively provide assistance in bankruptcies to businesses and individuals in the Los Angeles area, including Santa Monica, Santa Barbara, Santa Ana, Pacific Palisades, Marina del Rey, San Fernando, Burbank, Glendale, and Inglewood.

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The Law Offices of Peter M. Lively
11268 Washington Boulevard
Suite 203
Culver City, California 90230-4647

Telephone: 310-391-2400
Toll Free: 800-307-DEBT (3328)
Fax: 310-391-2462