The 2002 contestant on ABC’s Season 2 of “The Bachelor” filed for personal bankruptcy protection earlier this month. Although Aaron Buerge thought he found true love on the show, his engagement to an elementary school psychologist ended just weeks after ABC aired the season’s finale. Since the Season 2 of “The Bachelor,” Buerge found love once again and in 2009 he married. The couple now has an 18-month-old daughter and Buerge claims that he is devoted to protecting his assets more than ever for the sake of his family.
The former bachelor decided to file for personal bankruptcy in Missouri after a bank that held a loan for his restaurant failed. He said that his bank collapsed in 2008. Because the bank held a loan for his restaurant, the loan was transferred to another lender that demanded that the note be paid off more quickly. “We’ve been making payments…every month, but they’ve just been pushing to come after some private assets,” he told People magazine.
Buerge’s assets combined with his wife’s are listed at $2.3 million. The couple’s liabilities are listed at $9.3 million according to the Missouri bankruptcy court papers. The couple’s combined monthly income is listed just over $17,000. Buerge’s position as president of First National Bank is the main source of income for the family.
With the threat from the new lender to go after the family’s assets, the banker and restaurant owner decided that his best move to protect those assets is to file for bankruptcy. Because bankruptcy law allows individuals who are struggling with debt to restructure their debt so that payments are manageable, many individuals are able to still protect and keep their assets. The former reality star said that he is not “broke,” he is simply seeking personal bankruptcy protection in order to restructure and keep paying off his debt without the threat of losing his personal assets.
The Wall Street Journal: “Former ‘Bachelor’ Aaron Buerge Now Starring in Bankruptcy Court,” Rachel Feintzeig, 16 Feb. 2011
People: “‘Bachelor’ Aaron Buerge: I’m in Bankruptcy, But Not Broke,” Jeffrey Truesdell, 17 Feb. 2011