Taking a hard financial hit can cause anyone to struggle. In many cases, people who find themselves unemployed or bringing in a considerably lower income than previous years could easily wind up accruing substantial amounts of debt. Even celebrities can find themselves facing this type of predicament and may soon be on the look out for debt relief options.
Tennessee readers may be interested in one celebrity who filed for bankruptcy last year, according to recent reports. Details indicated that actor Joey Lawrence and his wife recently took this avenue after their debt issues got out of hand. Apparently, a contributing factor to their financial issues was the fact that Lawrence's television show ended in 2015. That year he brought in an income of $534,000, but in the following year, his income was drastically reduced to $58,000.
The family's monthly expenses totaled over $25,500, and they had already accumulated considerable debt. Reports stated that back taxes, credit card balances, loans, car payments and rent all went into over $400,000 in liabilities. It was also stated that the actor and his wife sold some of their clothes and other possessions in attempts to address their debt before filing for bankruptcy.
When difficult financial circumstances hit a household, it can be challenging to know when and how to start looking for the right form of debt relief. As this situation shows, anyone could find themselves suddenly facing the burden of overwhelming debt. If Tennessee residents are struggling to get their finances in order, they may want to find out more information on bankruptcy and other relief options that could potentially suit their needs.
Source: New York Daily News, "Joey Lawrence sold off clothes before filing for bankruptcy", Kate Feldman, March 11, 2018