The fact that famous folks go through foreclosure and bankruptcy should be nothing new to readers of these Bankruptcy in Indiana articles. It may be difficult for the average person to understand how those who make headlines (along with making millions and millions of dollars each year) could possibly have reached such financial low points in their lives.
But, as a debt consolidation lawyer offering bankruptcy services in Indiana for more than twenty-five years, I can tell you that it’s not the number of zeroes in one’s earnings figure that matters. If your debts balloon to the point they exceed your assets, something’s gotta give – even if you’ve got star power!
When it comes to the famous needing help to stop foreclosure on their homes, a recent blog post on creditreport.org highlights “20 celebrities who’ve suffered major foreclosures”. “Celebrities have it all,” quips staff writer Rebecca Black: “Fame, fortune, and foreclosure.”
While most clients who visit the Zuckerberg bankruptcy law offices were never either very wealthy or very famous, their stories bear remarkable similarity to those of celebrities Nicholas Cage, Michael Vick, Tori Braxton, and O.J. Simpson, four of the stars highlighted in the creditreport.org piece. No, those stars did not, to my knowledge, need payday loan debt help or student loan debt help (both of these are services our Indiana bankruptcy lawyers are sometimes called upon to provide).
One particular parallel comes to mind, though: tax liens. Chris Tucker, Credit Report points out, lost his $6 million home in Florida last year after the IRS put an $11.5 million lien on it because of unpaid income tax. Nicholas Cage was facing a $14 million bill for back taxes when the IRS seized his home.
A very common bankruptcy myth, by the way, is that filing personal bankruptcy in Indiana cannot be of help with back taxes. Certain kinds of taxes can, in fact, be discharged through bankruptcy. But, even if the kinds of tax you owe are not dischargeable, the garnishment that is sucking money out of your wages can be halted through the bankruptcy automatic stay, buying you time to make a plan for repaying the taxes while other debts are forgiven.
Not famous? Not wealthy or flush with cash to keep creditors satisfied? Fortunately for you, a good bankruptcy attorney in Indiana can get dead-accurate information from the IRS and then apply the special rules relating to bankruptcy and taxes.
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg