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Tori Spelling apparently headed toward bankruptcy

A number of people in Washington still hold on to the myth that bankruptcy is only something that other people need, and that is only necessary for those who do not want to succeed in life. Not only is this pervasive myth untrue, but it can easily be dispelled by considering the circumstances surrounding a person's life prior to them filing for bankruptcy. Actress Tori Spelling is a prime example of how the need for debt relief can arise in virtually anyone's life.

In a recent lawsuit filed against Spelling, American Express claims that the actress is $40,000 in debt with the company. There are those who believe that at least some of that debt was incurred during the summer of 2015 when a hospitalization left her unable to go back to any acting work. At that same time her husband, host of the Food Network Dean McDermott, apparently did not have a steady income, either. Their savings accounts have since been drained.

It is widely speculated that American Express is not the only company that Spelling is indebted to, and that it is simply the first one that decided to file suit in an attempt to recover some of her outstanding balance. McDermott has supposedly encouraged his wife to consider bankruptcy in order to address the building debt surrounding them and their four children. However, reports indicate that Spelling is resistant to the idea.

Spelling's refusal to consider the possibility of filing for bankruptcy is not a common sentiment shared by many Washington debtors. Unfortunately, while the aversion to bankruptcy can be at times understandable, delaying the process when the need is imminent can ultimately do more harm than good. Accumulating more debt on top of already insurmountable piles of bills only creates more headaches and stress for individuals who are struggling to meet their daily needs around the harassing calls of creditors.

Source: International Business Times, "", Maria Vultaggio, Jan. 21, 2016

Tags: Chapter 7

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