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Even the rich and famous have hard times

As mentioned in past blogs, Chapter 7 bankruptcy is the most popular form of bankruptcy filing in the U.S. The reason is that Chapter 7 allows debtors to extinguish most of their debt and start fresh with relative ease. While Chapter 7 bankruptcy may not be right for everyone, it can provide much needed debt relief that consumers struggling with severe financial challenges need with relative speed.

Tennessee readers may be familiar with actress Kelly Rutherford. Rutherford is a Hollywood actress best known for her work on shows such as Gossip Girl and Melrose Place. According to recent reports, the well-known actress is filing for Chapter 7 bankruptcy following a rather prolonged, bitter divorce and custody battle with her ex-husband. Rutherford reportedly had to spend millions of dollars in legal fees during the divorce.

While some may view bankruptcy as the plight of the less well off, this is simply not the case. Wealthy people often file for bankruptcy because, as with anyone circumstances can change in an instant. For example, Rutherford was previously making just under half a million dollars a month as an actress. Currently, the actress is reportedly making less than $1,300 a month. She is now $2 million in debt from all of her legal fees.

Life can be unpredictable and the certainty of today is not promised tomorrow. If circumstances should take a turn for the worse, there is nothing wrong about asking for a little help. There is no reason to spend what little time one has drowning in debt and struggling to stay afloat. Debt relief is a very real possibility. The key, however, is reaching out and asking for guidance. Experienced bankruptcy professionals can assist Tennessee residents struggling with debt and find the best solution for their unique circumstances.

Source: NY Daily News, "Kelly Rutherford files for bankruptcy after costly divorce, custody battle," Zayda Rivera, June 24, 2013

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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