Charlotte Bankruptcy attorney Bryan W. Stone answers the question: “What is the means test?”
Anyone who is familiar with the popular Lifetime show “Dance Moms” knows about the star’s less-than-chipper personality. Though Abby Lee Miller is known for her tirades and emotional outbursts, it appears she has something to cheer about this week as it was announced that she recently emerged from bankruptcy.
Miller’s bankruptcy attorney made the announcement last week that after three years of digging herself out of a financial hole, the Dance Mom star had finally paid her creditors and was done with her Chapter 13 bankruptcy process. According to legal filings, Miller, who owns a dance studio in Pittsburgh, filed for bankruptcy at the beginning of December 2010, months before her reality show started airing on Lifetime.
In the documents, Miller says that she had assets of $325,000, not too shabby for someone in bankruptcy. However, Miller listed debts of more than $400,000. The vast majority of that debt was a $245,000 mortgage Miller had on her dance studio. The mortgage had gone into default at the time of her filing. Miller listed another $106,000 as debt that was owed to the dance studio for renovations and upgrades.
The trouble for Miller began when she fell behind on real estate taxes, the straw that broke the camel’s back. This, as well as slumping demand for her classes, led her to come close to foreclosure on the dance studio. Thankfully, her program began airing in July of 2011, an event that led to a dramatic financial turnaround.
Miller began earning money from the show and saw a boom in demand for her classes. Her attorney says that she followed the bankruptcy plan for three years and has finally had the case discharged. Miller managed to pay all of her creditors in full.
The story is a happy one because it shows the real good that can come from a bankruptcy filing. In this case, Miller was running a perfectly viable business that simply fell on hard times and needed a chance to restructure. With the bankruptcy giving her that opportunity, Miller has managed to pay off all of her debts and even put money in the bank. A recently estimate by the International Business Times calculated Miller’s net worth at over $2 million, proving that bankruptcy does not have to mean the end.
If you find yourself needing the services of a Charlotte, North Carolina bankruptcy attorney, please call the skilled lawyers at Arnold & Smith, PLLC today at (704) 370-2828. As professionals who are experienced in the bankruptcy arena, our attorneys will provide you with the best advice for your particular situation.
“Abby Lee Miller Money Trouble? ‘Dance Moms’ Star Filed For Bankruptcy, Previously Almost Half Million Dollars In Debt,” by Rebecka Schumann, published at IBTimes.com.
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