Many may wonder what it would be like to have unlimited financial resources. Individual residents of Summit may have a different financial figure that they would classify as being unlimited. Yet one thing that most would likely agree on is that a sudden infusion such a sum to their monthly budgets would solve all of their financial problems. What many don’t realize is that financial struggles often have little to do with a lack of money, but rather are due to one’s circumstances. It’s easy to dismiss the money troubles of others by simply saying that they don’t manage it responsibly. However, a closer look at someone’s financial situation may reveal that for many, the cause of their overwhelming debt isn’t always so black and white.
Take the case of businessman and reality TV star Todd Chrisley. Records from his Chapter 7 bankruptcy filing show that he claims $49.4 million in debts, compared to just $4.2 million in assets. Recent inquiries made by the trustee in his case highlight how he and his family live an extremely luxurious lifestyle. Chrisley himself is on the record saying that they spend $300,000 a year just on clothes. One may look at this rampant spending and deem it to be the primary cause of his financial woes. Yet according to his attorney, a failed real estate development investment cost Chrisley $30 million. Without this loss, his financial outlook would be just fine.
While most will never face such an enormous financial loss, bad luck with investments and/or poor business or personal decisions can easily land anyone in similar financial hole. Like Chrisley, the best way out of that hole may be through a personal Chapter 7 bankruptcy. Anyone pondering this option may first wish to speak with a bankruptcy lawyer.
Source: People Magazine “Chrisley Knows Best: Inside Todd Chrisley’s $45 Million Bankruptcy Case” Steve Helling, Mar. 07, 2014