Reality TV Stars File for Bankruptcy

Reality TV Stars File for Bankruptcy

Reality TV Stars File for Bankruptcy

Although it may seem like they have it all on TV, two of the Real Housewives from the Bravo franchise have recently filed for bankruptcy. Teresa Giudice of the Real Housewives of New Jersey filed a Chapter 7, and Sonja Morgan of the Real Housewives of New York City has filed a Chapter 11. Over the years there have been numerous celebrities that have filed for bankruptcy. Why is such a big deal made about these two celebrities doing it? The reason is because of the nature of their celebrity status. Anyone who has ever seen an episode of any of the Real Housewives series knows that these people spend more money on a random shopping trip than some people make in three months. Somethign people might be wondering because of this is if the protection these women are filing for is the same as an average Chapter 7 or 13.When you consider this there are important thigns to note about these two bankruptcy cases. Teresa Giudice has reportedly filed for a Chapter 7 bankruptcy. This may not seem reasonable given her on-screen spending habits. However since all the facts of her particular case are known it is difficult to make that judgment. It is known however that she is currently facing a lawsuit accusing her and her husband of bankruptcy fraud. Sonja Morgan, on the other hand, filed a Chapter 11. Chapter 11 bankruptcies usually are not filed by individuals but rather by corporations seeking protection from creditors while they remain intact. There are exceptions, such as an individual can file for Chapter 11 when their debts exceed the limits of being eligible to file for Chapter 13. Some people are surprised to hear this, but yes, your debts can exceed the limit to qualify. According to the Wall Street Journal, Morgan reported $19.8 million in debt and cites her production company's failed movie venture as the main reason. Although it is not common for an individual to file for Chapter 11, it is rather common for a failed business venture to be the primary reason for filing bankruptcy. If you remember, Donald Trump filed after one of his ventures flopped. Filing for bankruptcy is a lot more common than most people realize. Recent economic trends have forced a lot of people to take an honest look at their financial situations and make a decision. The best decision you can make, whatever it may be, is teh one that protects you and your family from debt.

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