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Reality TV star Chrisley files for bankruptcy

It’s no secret the economy has been struggling for a number of years. With each passing year, finances for some are becoming more and more strained. It happens sooner for some people than for others, but many of Americans are struggling to pay their bills. A large state like Texas has families in many financial ranges, and some could benefit from filing for bankruptcy if they are facing overwhelming debt.

Todd Chrisley, star of the USA Network reality show “Chrisley Knows Best,” filed for Chapter 7 personal bankruptcy in 2012. However, his attorney and his trustee have since been outspoken about his bankruptcy filing. The filing listed Chrisley with assets of over $4 million but stated his debts at nearly $50 million. A large portion of the debt came from a failed real estate development loan, but his mortgages, a loan from his wife and a delinquent Internal Revenue Service bill all totaled up to several million of debt.

Chapter 7 bankruptcy allows filers to discharge many types of debts and protects them from creditor harassment. Another bankruptcy option is Chapter 13 bankruptcy, which can allow you to come up with a debt repayment plan and repay your debt in three to five years. One notable difference between the two bankruptcy types is that Chapter 13 bankruptcy allows individuals to stop foreclosure proceedings on their homes.

If you are living in Texas and seeking debt relief but don’t know all of the ins and outs of filing for bankruptcy, don’t hesitate to seek help and find out what options are right for you. When struggling with debt, there is no shame in seeking debt relief through any form of bankruptcy.

Source: People.com, “Chrisley Knows Best: Inside Todd Chrisley’s $45 Million Bankruptcy Case,” Steve Helling, March 7, 2014

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