Anyone can land in a tough financial spot, whether they are an everyday Arizona resident or a television star. Unemployment has caused financial difficulties for many people, and while it is important to remain positive and await future opportunities, when a person's debts exceed their income and their house is in danger of going up for auction, they should know they have options that may wipe out some of their debt.
Filing for Chapter 7 bankruptcy puts an end not only to wage garnishment and harassment from creditors, it also may put a stop to foreclosure proceedings. Actor Gary Dourdan, known for his role on "CSI: Crime Scene Investigation," may have been motivated to file for bankruptcy to protect his house. According to news reports, he filed an injunction to prevent a bank from auctioning his house the same day he filed forbankruptcy. In some cases, it may be possible to retain possession of a house, or put a hold on foreclosure, just by filing for bankruptcy.
Just like many Arizona residents, the star once had stable employment--he worked on the award-winning show for eight years. However, once he lost his job, he claimed his disposable income was down to less than $400 a month. The rest of his roughly $15,000 monthly income was used to pay bills.
Overall, the 45-year-old actor may have $1.8 million in assets, but he has $1.73 million in debt. Most of the money is owed to various banks, including the one holding his mortgage.
Arizona residents who are struggling with their debt should take a page out of this actor's script and be ready to take steps to regain control of their financial life. In filing for bankruptcy, many people are able to retain possession over some of their household possessions and their home, as well as start fresh.
Source: Huffington Post, "Gary Dourdan's Bankruptcy Filing: 'CSI' Star in Tough Financial Spot," Cavan Sieczkowski, Nov. 13, 2012