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NORCROSS, GA, February 28, 2013 /24-7PressRelease/ -- While the members of TLC certainly were making a lot of money, they still ended up filing for bankruptcy in 1995. This real-life example of celebrities in the spotlight having to file for bankruptcy is something at which everyday people should take a look. The Chattanooga bankruptcy lawyers from Clark & Washington want others to learn from TLC's situation.
Why TLC Filed for Bankruptcy
Although a successful group, the members of TLC had debts that reached more than $3.5 million dollars as a result of lawsuits, insurance and paying their managers. Their take-home income was very low by the time they paid out all of their dues, which is why they found bankruptcy as the only real option for them. They spent years battling record labels and trying to get more money from their contracts before they were able to settle their debts.
Could This Happen to You?
Bankruptcy might sound like it's not going to happen to you, but it certainly could. If even celebrities can find themselves in the grips of huge debts, it can happen to anyone. Just because you make money and are able to make certain minimum payments, that doesn't mean things are going to stay that way.
Nobody ever expects to need to file for bankruptcy, but it does happen. Here are some common reasons why people end up needing to file:
- Loss of job or income
- Interest rates
- Housing market
- Cost of living
- Unexpected expenses
Expenses that arise during your life can impact your life more than you anticipated. If you aren't prepared with a savings account or other source of income to pay off your debts, this could become a reality for you. If filing seems like it's the right choice for your financial affairs, there is a way to do it right.
How to Get through Bankruptcy
Bankruptcy can be confusing if it's something you have never done before. If you want to get through this situation knowing you made the best decisions possible, you should hire a Chattanooga bankruptcy attorney from Clark & Washington. Their services will help ensure you know what is going on and are making decisions based on what is best for your financial future. A Chattanooga bankruptcy lawyer who is experienced can help you out immensely. They will explain the differences between certain types of bankruptcy, help you fill out the paperwork and give you expert advice.
Just make sure you choose reputable bankruptcy attorneys in Chattanooga who have a reputation of providing excellent and fast service. Bankruptcy certainly is not what most people expect they will have to do, but it can become a reality for many. By being smart in this situation and hiring a professional to help you out, you will get the advice that you need.
To learn more, visit http://www.chattanooga-bankruptcy-attorney.com.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.chattanooga-bankruptcy-attorney.com.
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