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High-asset Chapter 7 bankruptcy featured in cable reality show

Pennsylvania relatives will soon gain new insight into the personal life of a high-asset American who is facing personal bankruptcy. Famous businessman Todd Chrisley, who is starring in a new reality show on USA called "Chrisley Knows Best," filed for Chapter 7 bankruptcy protection in August 2012. At that time, he had more than $4 million in assets, but his debts approached $50 million.

The man and his wife are still embroiled in the bankruptcy proceeding, which has been fraught with controversy; the pair has been accused of hiding assets. Chrisley and his wife still reside in a massive 30,000-sq.-ft. mansion in the South. Although the family is known for its lavish lifestyle, it is clear that their financial situation has been on the brink for some time. In addition to a significant amount of business debt -- $30 million -- Chrisley accumulated mortgages, overdue tax bills and even a loan from his wife.

Chrisley had claimed to have only $155 in liquid assets at the time he attempted to eliminate eligible debt. The remainder of his assets were tied up in real estate. Trustees in the case became suspicious that the man had transferred some of his wealth to his wife in a bid to hide assets from bankruptcy professionals. That matter is still being considered. The trustee, or overseer, for the bankruptcy said that neither Chrisley nor his wife has been employed in about two years, but they continue to spend vast sums of money, even while threatened with bankruptcy.

Even high-asset celebrities face financial difficulties that cause them to seek debt relief. Still, it is important to remember to be honest with bankruptcy courts, as fraudulent information provided during personal bankruptcy may even have criminal ramifications. A Philadelphia bankruptcy attorney may be able to provide additional information to clients who are filing for bankruptcy, allowing them to fully comply with legal mandates in their state.

Source: People Magazine, "Chrisley Knows Best: Inside Todd Chrisley's $45 Million Bankruptcy Case" Steve Helling, Mar. 07, 2014

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