Former Baywatch actress files for Chapter 13 bankruptcy

In Southaven, financial challenges sometimes lead people to try to formulate strategies to get out of debt. In certain instances, bankruptcy is an option that is considered. Filing for Chapter 13 bankruptcy is an idea that is appealing to many who earn a living but don't know any other way out of their financial issues but would still like to keep their home and vehicle.

Even famous people are not immune from financial challenges. Former Baywatch actress Nicole Eggert filed for Chapter 13 bankruptcy last September. Ms. Eggert made two prior attempts at filing for Chapter 13 in the last year, but they were dismissed. In this filing, she has listed her assets to be just under $1.1 million. She is behind $60,000 in payments on her home and states that she spends nearly $16,000 per month. Her total liabilities equal just over $807,000. The Chapter 13 bankruptcy filing asserts that she has only $795 per month to live on after all expenses are paid.

People who find themselves with hefty credit card debt, are paying their bills late or are dipping into their savings to keep from falling behind may consider filing for Chapter 13 bankruptcy. Chapter 13 bankruptcy may allow certain debts like credit cards, medical bills, utility payments and loans to be eliminated. Chapter 13 is most frequently used by people who have consistent incomes but are having issues keeping up with their payments. Chapter 13 can prevent wages from being garnished and allow the person filing to keep their home, vehicle and other property.

Source: Radar Online, "Drowning In Debt! 'Baywatch' Star Nicole Eggert Files For Bankruptcy," Jan. 31, 2014

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