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Actress seeks debt relief through Chapter 11 bankruptcy

Tennessee residents know that some celebrities have considerably more financial resources than they do from revenues derived from movies, TV shows, advertisements or music hits. Having considerable money, however, does not mean that someone is exempt from facing financial challenges. Fortunately, even for those in the public eye, debt-relief options are available whenever they might be needed.

Recently, 44-year-old actress Teri Polo filed for Chapter 11 bankruptcy after falling into deep debt, primarily through unpaid federal and state taxes. She has also racked up considerable credit card debt.

Polo co-starred in all three movies of the "Fockers" franchise: "Meet the Parents", "Meet the Fockers" and "Little Fockers". Each move garnered an average profit of $200 million. She has also appeared in several TV series.

Polo's bankruptcy filing claims she has no more than $50,000 in assets but nearly $1 million in debts. Court documents reveal that most of her $745,000 debt comes from unpaid taxes to the IRS. She owes almost $26,000 in unpaid taxes to California. Polo also owes around $37,000 in credit card debt. A former landlord has also filed suit against Polo, alleging the actress owed $7,000 on monthly apartment rent and $30,000 in property damages.

As a debt relief option, Chapter 11 bankruptcy allows an individual to propose a profitability plan after the bankruptcy filing that may reduce costs. Chapter 11 can temporarily hold creditors at bay.

Many people have a negative and often incorrect impression regarding bankruptcy filings, particularly if they involve celebrities or other famous individuals. There is nothing wrong with filing for bankruptcy, particularly if the process can help a debtor avoid financial disaster. When the process is successful, debtors are able to rebuild their financial lives.

Source: Inquisitr, "Teri Polo, 'Fockers' Star, Says She's Broke, Files For Bankruptcy Owing IRS $745k," April 23, 2014

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