There are many reasons that people in New Jersey decide that they need to file for a bankruptcy. These include the high debts that some have accumulated over the past few years during the recession. When the amount that is owed is more than a person can repay, they often find that a personal bankruptcy can help.
That is the case for one famous celebrity. Dionne Warwick has been in the public eye for many years. She worked in music, film and television. Now she is facing a personal bankruptcy after reports say that her money was mismanaged by a person working for her. In fact, she was recently listed on a chart detailing the celebrities with the highest amount of debts owed to tax authorities.
The singer recently filed for a personal bankruptcy in her home state. In the petition, she said that she earns just $20, 950 per month. This is offset by her expenses of $20,940 per month, leaving her just $10 each month to live. The income is lower, the singer says, because she does not perform as often as she did in the past due to her advancing age and other factors.
Filing for a personal bankruptcy is a decision that is never easy for people in New Jersey. However, when debts become overwhelming, it can be a good choice. This is because many of the unsecured debts owed by a person can be discharged in the process, leading to the ability for people to begin a fresh financial start, free from overwhelming debts that they have accumulated.
Source: Rolling Stone, "Dionne Warwick Files for Bankruptcy," Kathy Iandoli, March 25, 2013