Many people often have financial goals, and some may even feel as if they are financially secure. However, setbacks can occur at any point in life, and suddenly, someone who believed that their finances were in order could be in need of debt relief. Depending on specific circumstances, various relief options could help, but considering bankruptcy may be worthwhile.
Louisiana residents may be interested in one celebrity case of bankruptcy that was recently reported. Joey Lawrence, formerly of “Blossom” fame, apparently filed for bankruptcy in the summer of last year. Reports indicated that he and his wife had accrued over $400,000 in debts. Among those liabilities were credit card debt, car payments, unpaid rent, back taxes and an unspecified loan.
In 2015, Lawrence reportedly made $534,000, but his most recent television show also ended that year. As a result, in 2016, his income was only $58,000. This drastic reduction in income reportedly contributed to the household’s financial difficulties as their monthly expenses were reported as approximately $25,500. In efforts to deal with their debt issues before filing for bankruptcy, Lawrence and his wife reportedly sold some of their clothing on eBay.
When financial woes strike, they can hit fast and hard. Unfortunately, debt can accumulate much more quickly than some individuals may think. As a result, it is not unusual for parties to suddenly find themselves overwhelmed with their financial instability. Luckily, Louisiana residents facing this type of problem may have the ability to take advantage of various debt relief options. Individuals interested in getting their finances back on track may wish to learn more about bankruptcy and other options.
Source: New York Daily News, “Joey Lawrence sold off clothes before filing for bankruptcy“, Kate Feldman, March 11, 2018