Michigan residents who watch television frequently may believe that those who star in reality shows and other modern television series have a great deal of wealth and financial security. However, even people who may earn a lot of income or have a lot of fame can run into financial hardships. For these people, as with any average Michigan resident, a Chapter 7 bankruptcy can do a lot to ease a debt load and help a person get off to a fresh financial start.
It was reported in certain news outlets recently that the star of the TV show My Five Wives has successfully completed a bankruptcy filing, leaving him effectively free of over $300,000 in debt. According to that same media outlet, the man filed for bankruptcy around July of this year, listing around $25,000 in assets but several hundred thousand dollars in debt, mostly from credit cards.
The bankruptcy proceeding seems to have taken only a few months, and he even got to keep his wedding band. He is only legally married to one of his "five wives."
If anything, this case serves as an important reminder that one need not be down and out or without any sort of employment before filing for bankruptcy. Michigan residents from all walks of life and with all different types of financial circumstances can take advantage of the benefits that bankruptcy has to offer.
Of course, many times a bankruptcy filing can be complicated. For this reason, it may be advisable for anyone who is considering a bankruptcy to get additional information before making any final decisions.
Source: TMZ, "'My Five Wives' dad $318K debt wiped clean," Sept. 9, 2014