Going Burst? Mind Your Money as More Celebrities File for Banruptcy in 2010
by Its a fast life, a celebrity’s life. For a celebrity, Love is as fickle as a candle in the wind. Divorce and bankruptcy come knocking just as easy as the money came in during your “high” days.
Lyrics to Jay Z ‘forever young’
” So we live life like a video when the sun is always out
And you never get old and the champagne’s always cold
And the music is always good and the pretty girls
Just happen to stop by in the hood
And they hop that pretty a** up on the hood of that pretty a** car
Without a wrinkle in today ’cause there is no tomorrow
Just some picture perfect day to last a whole lifetime
And it never ends ’cause all we have to do is hit rewind.”
This verse by Jay Z aptly paints the picture.
To most celebrities, this is what it is about….Big money drained way faster than you could shop at high end boutiques for the bling and the designer clothes… Faster than you can locate all the keys of your impressive gallery of lavish homes and fast cars.
That and what follows my friend, is the other side of the life of a celebrity. A lethal cocktail of divorce, evaporating big money, bankruptcy and financial naivety at the least.
A brief look at Bankruptcy laws
According to the the government website www.uscourts.gov, bankruptcy laws are designed to provide an avenue for reprieve for individuals who no are no longer in the position to pay their creditors. They are aimed at giving them a fresh start – either by them liquidating assets to pay their debts or by them agreeing to participate in creating a debt repayment plan.
Under U.S bankruptcy laws; a chapter 7 bankruptcy refers to the former option, where the assets of the indebted individual are liquidated to pay off some of their debts. On the other hand, filing for Chapter 13 bankruptcy enables the indebted individual to keep some of their assets and repay their creditors by committing to individual repayment plans.
In the recent past, bankruptcy laws have undergone review with the aim of eliminating fraud by individuals seeking to circumvent the law and escape the clutches of heavy debt . Some of requirements introduced during the review, like the ‘ means test ‘, are aimed at identifying individuals who through agreed plans could manage to pay their debts and thus in effect reducing those opting to file for bankruptcy under the friendlier chapter 7.
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Post Commentdrishti8
On July 18, 2010 at 7:39 am
Very interesting post.
Emmie
On July 18, 2010 at 8:26 am
Hi
Really interesting info here and by the way i love the Jay Z song!!
Emmie
Jimmy Shilaho
On July 18, 2010 at 10:05 am
What an entry, and the graphics too, keep it up buddy.
Yalonda
On July 18, 2010 at 3:03 pm
Hmm, very interesting! And yes, celebrities’ lives are not all they appear to be in front of the spotlight.
V rank
On July 18, 2010 at 9:33 pm
very interesting… going to go back to this article..
scheng1
On July 18, 2010 at 9:42 pm
I do not pity those celebrities who are making so much money yet do not know the value of saving it.
VTech
On July 18, 2010 at 9:53 pm
Good Post
nayabingi
On July 20, 2010 at 6:59 am
its a fast life and we’re on a crash course indeed