How are wealthy people who end up filing bankruptcy able to continue living a lavish lifestyle afterward?
Jan Meriss Alfonso Assistant at Ascent Law LLC There's a good reason why Burt Reynolds, David Crosby, Cyndi Lauper, and other celebrities have filed for bankruptcy - all in order to pay their debts. It's a simple concept, and the rich are not abusing the loopholes that allow them to do so, as they are acting within the spirit of the law. The average person, on the other hand, would never have to worry about this situation. Burt Reynolds declared bankruptcy to pay off debts Burt Reynolds is a well-known actor who declared bankruptcy to pay off his debts in 1998. The actor was nominated for an Academy Award for the 1997 film "Boogie Nights." His career subsequently improved after he declared bankruptcy. Bankruptcy is a common method for debtors to reorganize their financial situations. Toni Braxton The former diva filed for bankruptcy two times. She was estimated to be in debt between ten and fifty million dollars. Her first bankruptcy was the result of an overextende...