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Even the rich and famous occasionally file for bankruptcy

Many California readers may assume that those who are rich and famous will never have to file for bankruptcy. However, even those with large incomes can still find themselves in financial difficulty. Often, when a person chooses to file for bankruptcy, it is a viable option for a fresh start when facing overwhelming debt.

Nicole Eggert, the television actress famed for appearing in "Baywatch," has recently filed for Chapter 13 bankruptcy. While this most recent application actually was accepted by a judge, this is the third time she has tried to declare bankruptcy. This time, a judge has agreed to a plan that would allow her to pay off her debts to creditors over a certain amount of time.

Ms. Eggert claims that her monthly income is approximately $15,000 and that her expenses amount to more than that sum, meaning she is unable to fulfill her financial obligations as they currently stand. Her debt payments have caused her to fall behind almost $60,000 in her home loan payments. Her payment plan will require her to pay a certain amount each month until the total amount owed, just over $70,000, is paid in full.

Chapter 13 bankruptcy is not an option for everyone, but it could be a viable choice when a person finds that there is no way that they can pay off debt. The result is often a vicious cycle of continued accumulating debt with no hope of meeting financial requirements. Any California resident who wishes to file for bankruptcy may find that this is a great way to get a fresh financial start. A complete evaluation could be the best way to determine the most beneficial options.

Source: Radar Online, Drowning In Debt! 'Baywatch' Star Nicole Eggert Files For Bankruptcy, No author, Jan. 31, 2014

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