Serious financial woes can impact anyone from any type of background, even the rich and famous. Star of the 70’s television show, The Partridge Family, David Cassidy has recently filed for bankruptcy, which has led to the need to auction off his Florida mansion. For those concerned with falling behind on house payments, following David Cassidy’s lead may be the best option.
The mansion is set to be auctioned off for $1.9 million. The home has a gourmet kitchen, pool, six bedrooms and six bathrooms. It is 7,000 square feet and on the waterfront. The home was originally priced at $4.4 million.
David Cassidy has reported debts of almost $10 million. He has said that the bankruptcy filing is needed in order for him to reorganize his life. He is currently going through a divorce and notes that his finances need restructuring.
Life factors, such as job loss and divorce, can and frequently do lead to the need to file for bankruptcy. The option to auction off a home and file for bankruptcy as a means of avoiding falling behind on house payments can help those dealing with life changes to get a fresh start. Bankruptcy can be a tool to halt creditor action, foreclosure action and just give Florida homeowners breathing room while he or she explores the options that may be best for his or her situation. While a home may be lost in the bankruptcy process, the chance to reorganize other debts and get a fresh start may be the best way to move forward, particularly after a divorce, such as the case with David Cassidy.
Source: newsmax.com, “Bankruptcy Leads David Cassidy to Auctioning His Florida Mansion“, Erica Baum, June 30, 2015