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High credit card debt is part of David Cassidy bankruptcy filing

On Behalf of | Feb 18, 2015 | Credit Card Debt, Firm News

Bankruptcy can happen to anyone as illustrated by the fact that famed 1970s singer David Cassidy just filed for bankruptcy. The 64-year-old singer filed the bankruptcy paperwork in Florida. It was noted that high credit card debt is part of the reason bankruptcy is being pursued.

The singer and star of the “Partridge Family” television show and his wife of 23 years recently divorced. Cassidy said filing for bankruptcy is a means of reorganizing his life as his finances need to be restructured after the divorce process. The star is noted to have assets and debts in the amount of up to $10 million.

Reports of high credit card debt swirl around the singer. It was noted that he owes over $21,000 to American Express. He also owes over $17,000 to Citi. He also has other debts, including a personal line of credit with Wells Fargo to the amount of just under $300,000 and a mortgage on his house that is roughly the same amount.

The high credit card debt and other the financial obligations with which David Cassidy must deal as he faces life after divorce are similar to the reasons cited for bankruptcy filings by many Florida residents who are still struggling with the effects of the recession. For high credit card debt and other mounting debts, bankruptcy can be a way to either restructure existing debt or a means of discharging debt. The fate of any overwhelming debt will depend on an individual’s situation and also which type of bankruptcy is pursued.

Source:, “David Cassidy Files for Bankruptcy, Documents Claims He Owes $39K In Credit Card Debt“, Dina Exil, Feb. 13, 2015

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