David Cassidy, famous as the dreamy Keith Partridge in the Partridge Family, has filed chapter 11 bankruptcy in Florida claiming $10 million in debt. Throughout his career David Cassidy sold over 30 million records but now he says he is broke. Although he recently won a lawsuit against Sony regarding profits from the Partridge family, it was not enough to get him out of debt.
With $10 million in debt, Mr. Cassidy could not have filed chapter 13 because his total debts exceeded the debt limits of chapter 13 (see blog post “Do I Owe Too Much to File for Bankruptcy”), instead chapter 11 or chapter 7 would have been his only options under bankruptcy. A chapter 11 would allow him to protect his assets that may not be exempt under Florida law but his creditors will have to agree to his plan.
As a fan of David Cassidy, I certainly hope he receives the relief he is seeking and is able to enjoy his retirement years… debt free. He has had some major personal issues to overcome in the past few years with three driving under the influence arrests and his wife of 20+ years divorcing him.
If you are approaching retirement and have creditors pursuing you, give us a call today for a free consultation with one of our experienced attorneys to discuss your options. There is no obligation to you to find out how to handle creditors, eliminate your debt and/or potentially protect your retirement accounts so that you can enjoy your retirement years.