One might think that a child star who earns a high salary might be financially secure for life. However, younger actors who find themselves flush with cash can still end up suffering financial hardships that require debt relief, just like those of us who are not celebrities. A prime example of this situation involves the news that a former Nickelodeon star is seeking bankruptcy protection in connection with his own financial woes.
The man, Drake Bell, is best-known by Washington residents for his appearance on the hit show "Drake & Josh," though he also starred opposite Amanda Bynes on "The Amanda Show," according to industry reports. Despite his prolific television career, the 27-year-old says he is facing $581,000 in debt. The man reportedly owes just under $1.6 million, which is slightly more than the value of his home. Still, the entertainer says that his financial situation has become increasingly bleak. Although he brought in about $408,000 in 2012, he only earned about $14,000 in 2013.
Despite the ongoing bankruptcy process, Bell has still been in the public eye because of his involvement in social media. He continues to offer his opinions about music and other stars, issuing scathing comments about Justin Bieber's recent arrest, among other topics. Bell is still working, though his television appearances have slowed significantly.
Even television stars and other media greats suffer from financial problems that require debt relief. However, you do not have to be millions of dollars in debt to benefit from Chapter 7 or Chapter 13 bankruptcy and eliminate debt or create a repayment plan. A Washington attorney may be able to help clients learn more about their own financial and legal options in the wake of financial harship.
Source: Us Weekly, "Nickelodeon Star Drake Bell Files for Bankruptcy" No author given, Feb. 13, 2014