Charlotte Bankruptcy attorney Bryan W. Stone answers the question: “What are the pros and cons of bankruptcy?”
A former star of the popular show “Baywatch” has filed for bankruptcy protection in California according to an article on AOL.com. The report notes that the recent filing amounts to the third for Nicole Eggert in less than 12 months.
Eggert, 42, is known for her portrayal of lifeguard Summer Quinn on the long-running show. Eggert is said to have filed for Chapter 13 bankruptcy protection again after her first two claims were dismissed. According to sources, Eggert’s bankruptcy petition listed assets worth an estimated $1,070,000. Though this might seem like a lot, Eggert says she is overwhelmed by monthly debt repayments and is struggling to keep her head above water.
The actress says that she has an income of more than $15,000 per month as well as child support of almost $800. Despite this hefty flow of money, Eggert says she has just $400 in her personal checking account. Eggert claims that monthly bills such as child care, management fees and repayment on more than $800,000 in non-mortgage debt debts eat away at her income and leave her with around $795 a month to live on.
Some experts have said that Eggert likely filed for Chapter 13 as a way to keep her house, an asset that she says is valued at nearly $900,000. By restructuring some of her payments, the hope is that she can lower interest rates or extend the length of the loan so that she can remain in her home.
Eggert appears to have reached an agreement with her creditors that will require her to make 12 monthly payments of just over $1,000 followed by 48 months of $1,300 monthly payments. This repayment plan will help her clear some debt and hopefully get her back on the path to financial success.
Eggert’s case demonstrates that bankruptcy filers are allowed to dismiss their claims, even multiple times, and continue to re-file as needed. Though it isn’t clear what was behind Eggert’s multiple claims, it can sometimes take longer than expected to get your financial ducks in a row. Thankfully, debtors are allowed to file bankruptcy claims as often as they like, assuming there has not been a formal discharge of your debts. If there has been, you will be required to wait a set amount of time before you will be allowed to re-file.
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.
About The Author:
Bryan Stone is a Partner with Arnold & Smith, PLLC where he focuses his practice on all aspects of bankruptcy, including: Chapter 7, Chapter 11, Chapter 13, home loan modifications and landlord tenant issues. Originally from Macon Georgia, Mr. Stone attended the University of Georgia for a BBA in Banking and Finance and went on to Wake Forest to earn his law degree. After law school Mr. Stone relocated to Charlotte where he has become quite involved in many local organizations. He is currently the Chair of “Bravo!” the young professionals organization of Opera Carolina, he also founded the UGA Alumni Association of Charlotte. In his spare time he enjoys perfecting his BBQ skills for the annual “Q-City BBQ Championships” and playing softball with the Mecklenburg County Bar Softball League.
“Baywatch star files for bankruptcy,” by Jess Bown, published at AOl.com.
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