Struggling with personal finances is not easy, regardless of the debtor's profession or celebrity status. Many people who file for bankrupcy protection may not be willing to step forward and share their success stories of recovery after bankruptcy. But Arizona residents can turn to the lessons of celebrities to see that it is possible to regain control of their finances after filing for bankruptcy, whether it is Chapter 7 or 13.
Arizona residents may have heard the one-time popular R&B song "Unbreak my Heart" but may not have been aware that singer Toni Braxton, now 45, had begun bankruptcy proceedings in 2010. According to Braxton, her debts had reached a high of $50 million.
Though the figure may seem exorbitant to many who are struggling with day-to-day finances, the reason the R&B singer was facing financial difficulties is an understandable one-she was struggling with health problems. She struggled with lupus and heart disease and had to cut back on concerts because of her health. However, cutting back on work meant that she also cut back on her earnings.
The singer has successfully bounced back and has recently been able to settle her bankruptcy case after negotiating a deal with the court-appointed trustee. Not only will she be able to settle her debt, she is expected to be able to buy back the copyright on many of her songs.
As Arizona residents consider their options to wipe out their bills, they should keep in mind that it is possible to regain control of their finances and retain possession of household items at the same time. An experienced personal bankruptcy attorney can help an individual evaluate their situation and recommend the best options.
Source: NY Daily News, "Toni Braxton pays $150,000 to resolve bankruptcy," Margaret Eby, July 6, 2013