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Former television star files for Chapter 7 bankruptcy

Bankruptcy can happen to anyone. From the rich and famous to the average Joe, bankruptcy and financial challenges do not discriminate based on a person's notoriety. In fact, as many Tennessee readers know, a lot of young celebrities' find themselves facing serious financial troubles once the spotlight begins to wane. In such cases, sometimes, filing for Chapter 7 bankruptcy is the best path to a fresh start.

It was recently reported that actor and musician Drake Bell has filed for bankruptcy. The star and alum of the Nickelodeon TV show Drake & Josh, reportedly, filed after running into serious financial challenges. The bankruptcy filing states that Bell has $1.5 million in real estate and a little more than $10,500 in personal property. His debts, however, total $2.1 million with nearly $46,000 of the debt owed to the IRS.

The 27-year-old actor also states in his filing that he makes around $2,820 a month, but has total monthly expenses of $18,771. He also noted in his filing that, in 2012, he made more than $400,000 from his acting and other celebrity duties, but only made $14,000 in 2013. While Bell continues to work voicing a number of animated characters, the bankruptcy appears necessary for the actor to reclaim his financial well being.

While there are many different approaches to addressing debt, when someone's debt exceeds their income to such an excessive degree bankruptcy is often the only answer to getting the fresh financial start that they need to begin again. From stopping creditor harassment to exhausting most debts, Chapter 7 is often the most popular form of bankruptcy. To learn if you qualify, speak with a local bankruptcy attorney today.

Source: The Huffington Post, "Nickelodeon Star Drake Bell Reportedly Files For Bankruptcy," Feb. 12, 2014

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