Celebs with Money Problems: They Do Exist!
Think the filthy rich glamazons of Hollywood never have run-ins with financial messes? Is it true that the richer you are, the more you pay attention to your financial situation? True that the economy was not good, but even in the recovery period, bankruptcies still rise 9% to over 1.5 million. This is the highest point since bankruptcy-law reform was introduced in 2005, as reported by the American Bankruptcy Institute and the National Bankruptcy Research Center. In addition, foreclosures also rose to a record-breaking 1.05 million, a significant rise from 2009′s 918,000.
To bring you comfort after reading the facts above, some of Hollywood’s biggest names did have some troubles with their money. Who are these people? Here are the top 5 A-listers with money troubles.
Toni Braxton The ‘Breathe Again’ singer has been in quite a pickle since last September. Braxton and her company, Liberty Entertainment filed for bankruptcy after accumulating debts ranging from $10 million to $50 million while the company’s assets were reportedly worth only $1 million to $10 million. This bankruptcy is only the tip of the iceberg, as the singer has filed a bankruptcy way back in 1998. Troubles seem to be having a ball siding up with Braxton as in 2008 she had to cancel her Las Vegas shows due to her heart problem. A breast tumor also made Braxton cut from ABC’s “Dancing With The Stars” show. To pay off a string of creditors, which includes the IRS, the Screen Actors Guild, RCA Music Group and Tiffany & Co. to name a few, Braxton saw her $2.6 million Nevada home go into foreclosure. Her other home in Duluth, GA has also gone into foreclosure proceedings. Ouch!
Madonna Having tons of business ventures and a stack of albums to garner royalties from, Madonna foolishly let love get in the way and mess up her finances. Madge’s marriage to Guy Ritchie supposedly ruined her financial independence due to one silly mistake: she did not ask Mr. Madonna to sign a pre-nuptial agreement. Before and during her marriage to the heist movies director, Madonna was worth $500 million. Although it might come as a very small dust for Her Madgesty, when she divorced Ritchie in 2008, she had to give him $75 million. And that, for mere mortals like us, is still a lot of money.
Duluth Ga Forclosures - News
To pay off a string of creditors, which includes the IRS, the Screen Actors Guild, RCA Music Group and Tiffany & Co. to name a few, Braxton saw her $2.6 million Nevada home go into foreclosure. Her other home in Duluth, GA has also gone into
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Foreclosure on Your Property Owner: Your Rights as a Renter
A growing, less noticed population of people that are suffering from the housing crisis is sometimes the most trusting and least informed of groups. Often , you'll know nothing of what is occurring till an eviction notice is posted on your front door. What rights do you have as a renter when the bank forecloses on your property owner? To learn more about this subject, check our article at Suwanne homes for sale .
Fortunately , some states have put together comprehensive laws to guard renters in this situation, while others have a few limited rights to guard you. Unfortunately, some states seem to ignore your need for rights. Usually, you will at least be given a fortnight to get out of the house. However , for most folks this isn't sufficient time to make alternate housing arrangements and move.
It is becoming to the point where in most states you need to keep track of foreclosure listings so you’ll have an alert on the situation. Ethically, your landlord should inform you the moment he is having difficulty making his payments, or at least when he begins receiving foreclosure notices. This is never the case. Most counties or towns have places where repos are listed. You may be able to find such listings online in more civilised regions.
Be certain to get familiar with the laws about renters and foreclosure in your state. You may not even have to worry about foreclosure in your state, as the ones that are serious about protecting renters will enable you to remain in your home with the bank as your new landlord until your lease expires. Even more states protect your rental rights when your lease was signed before the mortgage in default was taken out on the property.
You may get further Fed. rights if you're renting under a Fed. housing programme. Rent stabilized units might have extra rights under the govt. entity in command of the stabilization rules, usually a city. So in a down home market, it is very important to know what your current position is with respect to local laws and then to be observant to monitor your situation appropriately.