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Celebrities, too, file for bankruptcy: an instructive look

Regular readers of our Florida bankruptcy blog know that we don't often stray over into the realm of celebrity-laced stories. There is, quite literally, a place for that, and it is in the tabloid section that is customarily -- and carefully -- set out in supermarkets and other retail stores near the cash registers.

Beyond the pure entertainment value related to the escapades of the stars, though, a celebrity-based story is often instructive at a deeper and widely meaningful level. Stuff happens to high-profile figures in the same manner as it does with most people, and a media story that chronicles the goings-on can be both insightful and educational.

Take David Cassidy, for instance.

We'll just concede right off the bat that whether you know of Cassidy is largely dependent on whether you're of a certain age. He was a pop star and television entertainer of some renown in bygone decades.

Cassidy is in the press now because of his recent Chapter 11 bankruptcy filing in Florida. A bankruptcy judge approved an auction of Cassidy's home late last month.

Regarding the bankruptcy, Cassidy offered a comment that will resonate with many financially challenged persons. He stated that filing for relief "is necessary for practical purposes to reorganize my life as I go through divorce and to restructure my finances."

Many readers have likely heard something -- or perhaps a great deal -- about Chapter 7 and Chapter 13 bankruptcy, but lack equal familiarity with Chapter 11, which is sometimes used by small business owners.

There are distinct rules and processes associated with each type of bankruptcy filing. Any person interested in knowing more about bankruptcy can gain knowledge concerning this important government-sanctioned remedy for extreme debt challenges -- as, obviously, did Cassidy -- through consultation with a proven debt-relief attorney.

Source: Newsmax, "David Cassidy bankruptcy leads to auctioning his Florida home," Erica Baum, June 30, 2015

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