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Filing for bankruptcy is an option for almost anyone

Any of our Escondido readers who have children are probably pretty familiar with Nickelodeon, and anyone familiar with that TV station probably remembers the show "Drake & Josh." Although the show is no longer on the air, one of the stars, Drake Bell, has attempted to continue his acting career. However, Bell, now 27-years-old, has apparently run into some financial problems and is filing for bankruptcy.

According to the reports, Bell began the bankruptcy process back in May of last year. He is pursuing a Chapter 7 bankruptcy, which will allow him to discharge any outstanding debts after his non-exempt assets are sold. The reports indicate that Bell listed assets totaling approximately $1.6 million, but he also has liabilities of close to $2.2 million.

If it seems to our readers that they hear about another celebrity filing for bankruptcy on almost a weekly basis, they might just be right. Despite the fact that many celebrities earn millions of dollars in their chosen career, many also unfortunately get caught up in trying to project a certain type of lifestyle, and as a result their spending habits get reckless.

Some of us "regular" people also have problems controlling spending, and for some that can eventually lead to a personal bankruptcy filing. But, the reality is that millions of Americans find themselves facing financial problems for many other reasons, like sudden job loss or unexpected medical bills. The good news is that bankruptcy is a tool for anyone, including celebrities, if they believe that their debt situation is beyond repair. Chapter 7 bankruptcy, in particular, is quite useful because of the number of exemptions that come into play, allowing the filer to keep certain items of property.

Source: eonline.com, "Drake & Josh Alum Drake Bell Files for Bankruptcy," Jordana Ossad, Feb. 13, 2014

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