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Fame and bankruptcy: celebrities work toward financial stability

Several celebrities are making headlines these days. Living under massive amounts of debt, these celebrities all have one thing in common: bankruptcy. Although they live completely different lives than most of us, they are just as likely to wind up in financial trouble. For that reason, bankruptcy can be a viable option for anyone living in South Carolina or elsewhere.

When faced with overwhelming debt, it can be difficult to make the choice to file for bankruptcy. While some people may see it as a failure to manage their finances, it can actually be a way for many people to finally crawl out of the hole of dire financial straits. Recently, Danielle Staub, a "Real Housewives of New Jersey" star, has filed chapter 7 bankruptcy, claiming both assets and debts totaling between $500,000 and $1 million. The court filing shows her creditors as Land Rover, American Express, Gap stores and the Nordstrom Collections Arm.

Former Boston Red Sox pitcher Curt Schilling is also back in the news with an update on his 38 Studios Chapter 7 filing. After trying to salvage his situation by making a payment to the state of Rhode Island, it is now reported the check that was hand-delivered actually bounced due to insufficient funds. Now, the corporation's executive director has stepped down.

Celebrity chefs are also making headlines for bankruptcy, specifically Pino Luongo. His restaurant, Centolire, will likely be shut down soon after his holding company collapsed into bankruptcy. This is the second bankruptcy for Luongo. His prior company folded under after the terrorist attacks of September 11, 2001.

While this particular story shed light on celebrity financial troubles, these types of financial issues can strike anyone and can cause someone's situation to look particularly bleak. However, bankruptcy is an option for everyone who is facing mountains of debt. South Carolina residents have several options available to them to help see them through their financial troubles. Bankruptcy could very well be a good way for people to start over and have a second chance.

Source: The Wall Street Journal, "The Broke and the Beautiful: N.J. 'Real Housewife' Danielle Staub Enters Bankruptcy," Melanie Cohenthis, June 8, 2012

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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