During the 1970s and 1980s, countless American teenage girls swooned over David Cassidy. This heartthrob has sold tens of millions of albums during his career and has earned money by making concert appearances and starring on television. However, it was widely reported in the press earlier this week that David Cassidy is seeking personal bankruptcy protections. How can someone who has more money than most Americans can dream of require bankruptcy protections?
David Cassidy’s story is not unusual. According to US Magazine, Cassidy owes more than $290,000 to Wells Fargo, more than $17,000 to Citi and more than $21,000 to American Express. He “simply” outspent more than he made. Several drunk driving arrests and a recent divorce indicate that Cassidy’s life has been challenging lately. Sometimes, for better and for worse, one’s financial life takes a dive. And it is precisely for this reason that bankruptcy protections exist.
We do not know all the details surrounding Cassidy’s financial fall from grace. What Americans do generally understand though, is that financial rough patches can happen to even the most financial responsible among us. Unexpected illnesses and injuries, business ventures that have soured and a host of other financially punishing life events can happen to anyone. If a multi-millionaire like David Cassidy can struggle financially, so can anyone else. And if a notable figure like Cassidy can seek the protections that bankruptcy law provides, so can anyone else.
If you are struggling with debt, please understand that you are not alone. Consider speaking with an experienced attorney about any legal options that may be available to you.
Source: US Magazine, “David Cassidy Files for Bankruptcy: Details,” Stephanie Webber, Feb. 12, 2015
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