Regular readers of this blog are likely aware that people from all walks of life file for bankruptcy each day. There are no exceptions when it comes to who may find themselves facing economic hardship. This is perhaps best illustrated in recent news of a Chapter 7 bankruptcy filed by bestselling author Robert Kiyosaki. He is the author of a series of books known as “Rich Dad, Poor Dad”.
The author, who has written a total of 11 books, is known as a financial guru and has also appeared on PBS and Oprah to talk about ways in which to be financially successful.
There are many reasons someone may find themselves facing financial hardship that could lead to a bankruptcy filing. One possible reason is being on the losing end of a lawsuit. This was apparently the catalyst tin this situation. The plaintiff in the lawsuit was The Learning Annex. Reportedly early on in the writer’s career, it arranged such things as speaking arrangements for the man. As a result of the lawsuit against one of the author’s at least 11 companies, the man was ordered to pay almost $24 million to The Learning Annex.
Kiyosaki is not the first and won’t be the last to find himself or herself in this situation. When a large judgment of this size is handed down there is often no other way to deal with the situation. Bankruptcy attorneys are familiar with these situations and can help determine the best way to proceed under the circumstances.
Source: Business Insider, “‘Rich Dad, Poor Dad’ Author Files for Chapter 7 Bankruptcy,” Jill Krasny, Oct. 12, 2012
- The decision to file for bankruptcy should not be taken lightly. We provide counsel in these types of matters. If you would like to learn more about our practice, please visit our Chapter 7 bankruptcy page.