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Bankruptcy the choice for former reality TV star

A common misconception amongst many in San Francisco may be that financial struggles are limited to those with moderate or low incomes. However, money troubles can afflict people at any range of the income scale. The perception of those that many would view as being wealthy may be that they have more than enough to meet their expenses, and that any financial difficulties they encounter are of their own making. Yet the issues that put someone in position to consider bankruptcy can vary greatly, from mismanaging funds to expenses related to a medical emergency to the costs to deal with legal troubles. 

A good example of how issues both in and beyond one's control can cause financial troubles may be seen in the case of a former reality television star. The man (whose series detailing classic motorcycle restorations returns this year after a seven-year hiatus) recently filed for personal bankruptcy in New York, listing debts and expenditures nearly equal to his income. While his list of liabilities includes over $21,000 in credit card debt and over $151,000 in back taxes, he also owes over $32,000 for a judgment leveled against him along with $2,000 in medical bills. 

Everyone may believe themselves to be capable of handling all of their expenses, yet life may intervene at points and leave one facing unplanned bills that limit his or her ability to make ends meet. In such a situation, bankruptcy may be the best option in order to restore one to firm financial ground. The decision to file for bankruptcy should not be taken lightly, however. Those considering it may first wish to speak to an experienced attorney. 

Source: Fox News "'American Chopper' star files for bankruptcy following fraud lawsuit" Mar. 01, 2018

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