Katherine and Joe Jackson Filed For Bankruptcy

Katherine and Joe Jackson filed for bankruptcy on March 1, 1999 (with filings still being reported as late as 2008), according to Radaronline.

In their initial petition, the Jacksons listed their assets in the $100,000 - $500,000 range and their estimated debts in the $10 - $50 million range.

Among the debts: $34,91602 was owed on a 1994 Mercedes Benz, $60,130.94 on a 1998 Land Rover, and $36,368.29 on a Land Rover Discovery. $32,561.06 was owed on personal income taxes to the State of California, and they were in to the IRS for $117,871.76. They owed $18 million on one lawsuit judgment and $4 million on another. They owned legal fees to several attorneys including Brian Oxman, who still works with them.

One interesting side note: the couple claimed "month to month tenancy only" on their residence in Encino, CA which they point out is owned by their son.

Just something else to consider as they petition the courts for custody of the children and/or their son's estate.


source