My wife and I have the guilty pleasure of watching the reality TV series, Christley Knows Best. For readers unfamiliar with the series, the show offers an inside look at the antics of the millionaire Christley family and the family’s flamboyant father, Todd Christley. Todd claims to have made 95% of his wealth in the real estate market, lives in a 30,000 square foot home outside of Atlanta, and boasts of the family spending $300,000 a year on clothing.
Not surprisingly, Todd has experienced financial troubles like most other Americans. Todd filed for Chapter 7 bankruptcy protection in 2012 after a real estate investment deal proved unsuccessful. According to his bankruptcy court records, Todd listed $49.4 million in total debt. While very few individuals are likely to have as much debt as Todd, filing a Chapter 7 bankruptcy petition can be the right option for some individuals and families.
In a Chapter 7, a debtor discharges almost all of his unsecured debts, debts like credit card bills, medical expenses, and payday loans. In effect, these debts are wiped out and the debtor is provided with a new opportunity to reestablish his financial affairs.
Clients are often concerned about whether they will lose secured assets like their home or vehicles if they choose to file for bankruptcy. In fact, for Todd Christley, it was rumored that he would lose his home due to his bankruptcy. For most individuals and families thinking about filing bankruptcy, losing a home is not as likely, especially if your home is “underwater”.
Every individual and family faces different circumstances. At the Bond & Botes law offices, our attorneys sit down with individuals and offer free initial consultations. From these initial meetings, our attorneys work with clients to determine if bankruptcy is a part of the solution to their financial problems.
While filing for bankruptcy may not make you the star of the next reality television series, it can eliminate some of the stress and worry in your life. If you live in Alabama, Mississippi, or Tennessee and need legal solutions for your financial problems, please contact one of our skilled attorneys.