When it comes to money and wealth, the more you have may just mean the more you have to lose. Celebrities such as Johnny Depp and Lisa Marie Presley are two recent stars who claim to have somehow gone through their millions and are now broke. The big question on the table is if they squandered their wealth, or if their financial managers are responsible. Both are currently suing their former financial managers and putting the blame on them.
Of course, the former financial managers are not accepting the blame, but passing it right back. In Depp’s case, his former manager is countersuing, claiming that the actor spent approximately $2 million per month maintaining his 14 homes and lavish lifestyle. In Presley’s case, her former financial manager says her spending habits are responsible for the loss of her investments — including her 85 percent ownership of the Elvis Presley estate — to the tune of $100 million in 10 years. He is planning to countersue also.
Wealthy or not, financial problems can result in an almost unbearable amount of stress and worry. While these celebrities’ ongoing lawsuits may or may not help their situation in the long run, they undoubtedly will be expensive, as well as long and drawn out while full disclosure is being developed.
A more advantageous option for people struggling with unaffordable debt might be to file bankruptcy. Most people think of bankruptcy as the final solution, but if you are sinking in bills and collection calls, why wait? Whether you need to file Chapter 7 or Chapter 13, the sooner you start, the quicker you can be back on a path to financial stability.
With Chapter 7, most debts are written off leaving you with a clean slate. With Chapter 13, debts are restructured or negotiated to one affordable payment. Collection actions are halted, giving you peace of mind and when you complete the bankruptcy process, you should be debt-free. A bankruptcy attorney can help you start the process that will be first step to ending your financial nightmare and getting your life back.
Source: Forbes, “How Can Johnny Depp & Lisa Marie Presley Both Be Broke? New Court Fights Explore Who Is To Blame,” Danielle and Andy Mayoras, Nov. 14, 2017
