Divorce alone can have a devastating effect on anyone’s finances — even those of celebrities. When divorce is coupled with other challenges, filing for bankruptcy may be able to help New Jersey residents get back on their feet financially. For instance, David Cassidy — who starred in the 1970s television series “The Partridge Family” — recently filed for bankruptcy after his divorce and after spending some time in rehab.
According to court documents, Cassidy has $10 million in debt and $10 million in assets. He has filed a Chapter 11 bankruptcy in order to reorganize his finances. His situation reportedly stems from credit card debt, attorneys’ fees and other debts, including a line of credit that appears to be for a mortgage loan. In addition, there seems to be a dispute regarding some horses that he co-owns.
After nearly 23 years of marriage, Cassidy’s wife filed for divorce last February, even though she was said to be heartbroken over their split. This January the former television star was arrested on suspicion of driving under the influence. After entering a plea of no contest, the court sentenced him to complete 90 days of treatment in a live-in rehabilitation facility. He is now serving the other part of his sentence, which is 60-months probation.
Cassidy is not the first celebrity to find himself in financial trouble and will most likely not be the last. His troubles are similar to those suffered by numerous people across the country, including in New Jersey. Anyone who finds him or herself in a similar situation may discover that bankruptcy can provide a light at the end of what may seem like a very long tunnel. Once a bankruptcy is finalized, a petitioner might be able to begin again with a clean slate.
Source: Los Angeles Times, “‘Partridge Family’s’ David Cassidy files for bankruptcy after divorce, rehab“, Nardine Saad, Feb. 12, 2015