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Even reality TV stars file for bankruptcy

With the national economy still ailing and so many people out of work, West Caldwell residents have been hearing a lot about bankruptcy recently. But it is not just your friends and neighbors who are filing - the economic woes of the past few years have hit people of all economic stripes, including reality TV stars.

For example, "The Real Housewives of New Jersey" star Teresa Giudice filed for Chapter 7 bankruptcy in 2009. In their filing, Giudice and her husband cited $11 million worth of debt.

And Giudice is not the only "Real Housewives" star to hit a financial speed bump. "The Real Housewives of New York" personality Sonja Morgan filed for Chapter 11 bankruptcy in November, citing $19.8 million in debt and $13.5 million in assets.

Of course, most normal people do not have anywhere near the debts these women did. But bankruptcy is an option for celebrities and commoners alike. For many people whose financial situation has gotten away from them, bankruptcy presents an option for a fresh start and a chance to gain better control of their money matters.

If you think there is a chance that bankruptcy might be right for you, you may want to schedule a consultation with an attorney who practices this area of law. This attorney will be able to answer any questions you have about the process and can walk you through the procedure step by step. You might walk away from this conversation feeling better informed and better equipped to confront your circumstances.

Source: Reuters, "The 'Real Housewives' Legacy of Marital Destruction and Financial Ruin," Tim Kenneally, Aug. 16, 2011.

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