Money problems are not limited to low and middle-income citizens in Kansas and in other states across the nation. The rich and famous are notoriously targeted for money scams. Though making millions during the course of a year, there are times when business managers have been found to take more than their fair share from the assets of the wealthy.
One of the most notorious business managers is Keith Moore. After working with Sting for 15 years, he was sentenced to six years in prison when it was discovered that he stole almost $10 million from the legendary singer in 1995. The piano man, Billy Joel was embroiled in a mega $90 million lawsuit against his ex-business manager in 2009.
Money problems are not limited to low and middle-income citizens in Kansas and in other states across the nation. The rich and famous are notoriously targeted for money scams. Though making millions during the course of a year, there are times when business managers have been found to take more than their fair share from the assets of the wealthy.
One of the most notorious business managers is Keith Moore. After working with Sting for 15 years, he was sentenced to six years in prison when it was discovered that he stole almost $10 million from the legendary singer in 1995. The piano man, Billy Joel was embroiled in a mega $90 million lawsuit against his ex-business manager in 2009.
After much litigation, Joel won $8 million. In recent news, pop star Rihanna filed lawsuit against Berdon LLP in 2012. She claimed her Berdon mismanaged funds, did not properly file taxes and took an unfair percentage of her earnings. The two settled out of court and Rihanna yielded a $10 million settlement.
The difference between the wealthy and middle income Americans is that there is no business manager to blame when financial troubles are discovered. Instead, hard working Americans must determine how to pay off their debts and continue to provide for all their financial necessities. However, there is hope for those drowning in debt.
Chapter 7 bankruptcy is available to anyone who meets the legal criteria; regardless of their socioeconomic status. Bankruptcy can allow debtors to gain a fresh financial start. Filing for bankruptcy can instantly stop the harassing phone calls from creditors.
To determine all legal options that are available, it is important to seek guidance about the process. This will ensure that the individual understands their rights and how the bankruptcy process could help them and how it will affect them in the future.
Source: Huffington Post , “Rihanna and 8 Other Celebrities Who Sued Their Financial Managers,” Sep. 12, 2014