There are many in Summit who may believe that if they just had more money, all of their financial challenges would disappear. While one can’t deny that more money would help anyone in dire financial straits, often more money doesn’t simply solve financial problems. Typically, it’s the circumstances that people find themselves in, be they of their own making or not, that lead to money problems. Even those who make millions of dollars are subject to bad financial circumstances or decisions.
Take former country music star Eddie Montgomery: as one-half of the successful singing duo Montgomery Gentry, he enjoyed a very successful career, earning numerous singing honors and no doubt quite a bit of money to go along with them. Yet he now faces having to forfeit his million dollar home along with other property as part of his recent Chapter 7 bankruptcy filing. The causes of his struggles are reported to be the expenses associated with a previous divorce and the failure of a restaurant that he and his ex-wife had opened together. Despite what he earned during Montgomery Gentry’s nearly ten-year run of success between 2000 to 2009, he is reported to currently owe over $12 million in outstanding business loans.
Most will never find themselves in the situation of owing that large of an amount of personal debt. Yet a smaller amount owed by someone with a much more modest income can be just as heavy a burden to bear. For those in such a situation, personal bankruptcy may the best option they have at resolving those debts. An experienced bankruptcy attorney may be the best source of information regarding one’s options when faced with such a financial crisis.
Source: Lexington Herald Leader “Country singer Eddie Montgomery files for bankruptcy” Janet Patton, Jan. 02, 2013