People often and unfairly associate bankruptcy with irresponsible spending and unsustainable lavish lifestyles. However, as many of us know, that is often not the case. In fact, people all across New Jersey are faced with debt that is out of control due to a lost job, mounting medical bills or a divorce. While it can be a difficult decision to make, filing for bankruptcy can often be a fresh start for those who need debt relief.
Bankruptcy may also be a option for a person who is facing the possibility of losing a home. There have been many stories about people who become victims of certain mortgage terms by lenders that all but guarantee that a person will ultimately default on a loan. In many cases, filing for bankruptcy can stop this process of foreclosure.
Recently, a well-known actor on the popular television show “CSI” filed for bankruptcy in an attempt to protect his home from foreclosure. Gary Dourdan starred in “CSI” for eight years before contract negotiations ended with the actor getting laid off. After losing his primary source of income, the actor struggled with paying his bills, including his mortgage. He reportedly owes about $1.7 million of his $1.8 million in assets to creditors. After paying his bills every month, he is left with $321 to live on.
Dourdan has also been involved in a lawsuit with the bank that holds his mortgage after they reportedly refused to help the actor with his payments due to certain laws in his state. The lawsuit has been going on since early this year and there is still no outcome. The actor says that the combination of losing his job and various legal issues have made it impossible to stay on top of his bills.
Too often, news stories about people who file for bankruptcy make it sound like that person has broken the law or committed a crime. Many people may shy away from filing for bankruptcy because they feel like they have done something bad. This is simply not true. In fact, people from all walks of life end up struggling against unmanageable debt. Instead of trying to get through this difficult stage alone, however, seeking help and working towards a solution can be the first step in taking control and moving forward.
Source: Christian Post, “‘CSI’ Star Bankruptcy; Actor Claims Only $321 Disposable Income,” Sami K. Martin, Nov. 13, 2012
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