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Joey Lawrence files for bankruptcy after decrease in income | Reed Law Firm, P.A.

Joey Lawrence files for bankruptcy after decrease in income

On Behalf of | Mar 15, 2018 | Chapter 7 |

Many people think that money makes the world go round, and unfortunately, they are often not wrong. In order to carry out tasks, meet basic needs and attend to many of life’s obligations, money is needed. However, financial stability can be difficult to come by, and individuals who are struggling may not know where to turn. Fortunately, there are debt relief options like bankruptcy that may be able to help.

South Carolina readers may believe that celebrities have a lock on financial stability, but that is often not the case. In fact, it was recently reported that actor Joey Lawrence filed for bankruptcy last year. Apparently, Lawrence and his wife had amassed over $400,000 in debt due to back taxes, car loans, unpaid rent, credit card balances and other liabilities.

Part of their financial struggles came about due to Lawrence’s substantial decrease in income from 2015 to 2016. In 2015, the actor brought in over $530,000 due to his appearances on a sitcom. However, the show also ended that year, and as a result, his income the following year totaled only $58,000. With monthly expenses going over $25,500, it is unsurprising that their financial situation quickly declined.

As this example shows, a sudden decrease in income can easily lead to money issues. If South Carolina residents have faced such a problem or had to deal with other unexpected financial changes, they may be struggling with a sudden influx of debt. If they feel that it is too overwhelming to handle on their own, they may wish to look into bankruptcy as a potential debt relief option.

Source: New York Daily News, “Joey Lawrence sold off clothes before filing for bankruptcy”, Kate Feldman, March 11, 2018

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