Chapter 7 Bankruptcy | Actor David Cassidy Files Bankruptcy
Chapter 7 Bankruptcy | According to reports, David Cassidy has filed for bankruptcy. He apparently owes thousands of dollars in credit card debt and legal fees.
Thousands in Debt
It appears Cassidy has amassed thousands of dollars in debt. According to E! Online, the former star of The Partridge Family owes over $21,000 to American Express and $17,150 to Citi. He’s also racked up a large amount in legal fees.
The Daily Mail is reporting Cassidy also has a $292,598 mortgage against his house. While he’s taken out a substantial personal loan from Wells Fargo to pay down his bills, he’s still far behind being able to pay them in full. Because of that the actor has filed for bankruptcy protection. He believes bankruptcy is a necessary step to getting his financial life back on track. According to court documents obtained by the New York Daily News, Cassidy has “assets and debt of up to $10 million.”
In a statement to E! News, Cassidy had this to say: “I am going through bankruptcy proceedings at the moment. This is necessary for practical reasons to reorganize my life as I go through divorce and to restructure my finances.”
More Bad News
The bankruptcy is not the only thing Cassidy is dealing with. Last year The Inquisitr reported the actor pled guilty to driving under the influence in New York. And in January of 2014 police arrested him for a DUI in Los Angeles.
Judging from his statement to the press following his appearance in court last year, David Cassidy wasn’t at all thrilled with how the situation played out.
According to People, Cassidy’s wife, Sue Shifrin-Cassidy, has also filed for divorce. – Simon Resnik
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