(MONEY Magazine) – Debtors with more than $450,000 in assets who don't want to file under Chapter 7 usually file under Chapter 11. They often live royally for years while their cases grind through the courts. Take actress Kim Basinger and her California cottage; former New York Post publisher Peter Kalikow and his Manhattan co-op; and singer Wayne Newton and his Las Vegas palace. Former baseball commissioner Bowie Kuhn, who was a partner at a New York law firm, moved to Florida, where laws keep his home safe from creditors.