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Former Nickelodeon star files for Chapter 7 bankruptcy

Tennessee residents who are unfamiliar with filing for bankruptcy sometimes believe it to be embarrassing and the gateway to even greater financial challenges. Bankruptcy, though, is a legal and honorable way to settle debts while establishing a better financial footing. It is not just for business entities; even ordinary citizens can file for it to turn their financial problems around.

Just like average citizens, many celebrities have filed for bankruptcy to help them ease their financial woes. Recently, a former Nickelodeon star joined in their ranks. Drake Bell, co-star in the television series "Drake & Josh," filed for Chapter 7 bankruptcy in a Southern California court. Although this happened in California, it could happen anywhere in the United States. Drake, 27, claims debts amounting to $2.166 million but just $10,500 in personal property and $1.575 million in real estate.

Bell also says he owes the Internal Revenue Service more than $46,000 in taxes and spends more than $18,000 per month while making only $2,820 per month. Fortunately for Bell, he continues to get roles in television and movies. He recently competed in a reality diving series called "Splash" and is slated to appear in two movies, "L.A. Slasher" and "Jungle Shuffle."

If a person files for bankruptcy, just like in Bell's case, it does not mean that he or she has to change his or her life a great deal. Chapter 7 bankruptcy, the type Bell filed, can eliminate unsecured debts such as credit card bills, utility bills, medical bills and personal loans. In rare instances, a Chapter 7 filing may require the liquidation of particular assets to help pay off creditors.

Many people have come out of bankruptcy not only free from debt but also with better financial prospects. Tennessee residents who are struggling with debt should consult a bankruptcy law professional to determine which type of bankruptcy filing best suits their situation and if they meet the specific requirements.

Source: UPI, "Drake Bell, former Nickelodeon star, filed for bankruptcy," Feb. 13, 2014

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