BAnkruptcy and Investment Properties
When you think of an actor, we all think of the people that make millions of dollars and live in Hollywood. Yesterday I had a young man that came in and when I asked him what he did for a living he told me that he was an actor. I was thinking great!!!! So why are we filing a chapter 7? Turns out that he is starting out actor and hasn’t quiet made it to the big times with big money. He doesn’t make much money and that was the reason why he was able to qualify for the Chapter 7. He was telling me about a class that he was in, which he didn’t give much detail, but I am sure that it was acting classes. He has his whole life ahead of him; we may just see him on the big screen before we know it. It is also interesting, because about a year ago he was talked into buying properties and renting them out to make a profit on the properties. With the house market the way it is, he ended up loosing all of the homes, because of tenants that were not paying the rent, they moved out and he was stuck. When he couldn’t pay any more, the property management company tried to make the payments, so now he has these properties that he has lost and owes this management property a large amount of money for helping him try to get out of the mess. Just make sure to be careful when you go to invest.
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