In light of my recent post on celebrity bankruptcies from the past decade, I thought it’s worth noting another recent celebrity bankruptcy filing: actor Barry Corbin.
If you don’t know his name, you almost certainly know his face from roles in Lonesome Dove, Dallas, the Police Academy series, Urban Cowboy, Northern Exposure and appearances in various other films and TV shows (including a recent guest voice appearance on King of the Hill).
According to an article in the Ft. Worth Star-Telegram, Corbin filed for bankruptcy on Monday, January 4, 2010 in the Bankruptcy Court for the Northern District of Texas.
Why did a successful and popular actor need to file for bankruptcy? According to his lawyer, St. Claire Newbern III, the reason Corbin needed to file was that, “The types of movies that he is used to making, they are not making anymore.”
[youtube=http://www.youtube.com/watch?v=RboAb_YASi4&feature=player_embedded]
In other words, like many Americans, things changed in our society and our economy and he hasn’t been able to adjust and re-train himself as effectively as he needed to in order to adapt to the changes. This is another great example of why we need bankruptcy laws in the U.S. You can try your best to make an honest living. But not everything is within our control. Bankruptcy is the safety net for these situations that enables people to continue functioning and contributing to our society and economy.
In Corbin’s case, it sounds like he plans to reduce his costs by selling his home and using proceeds from the sale to pay back creditors. Of course, in Texas as in elsewhere, home values have dropped and Corbin’s home has been on the market for a year. Again, a problem faced by many hardworking Americans who are considering bankruptcy as a way to responsibly address their financial problems.
Putting things in perspective, Corbin’s attorney also commented, “He’s a nice guy. I’m sure he’ll end up paying everyone he owes. He may need a little time to find the right buyer for his house.”
Whether you’re a celebrity or an average hardworking American, if you’re considering filing for bankruptcy in New York and need an experienced, trusted bankruptcy attorney to whom you can ask questions and who can help figure out a substantive strategy for dealing with all of the complexities of your finances, please contact me for a free initial consultation.
I have over 30 years of experience practicing bankruptcy law and have handled a wide range of bankruptcies, from celebrities to average Americans, and from business bankruptcies (Chapter 11 and Chapter 7) to individuals. Please get in touch to learn more.
Contact Bruce Weiner, Esq.
EMAIL Bruce Weiner
Phone
(718) 855-6840 (Local)
(866) 402-8476 (Toll Free)
Fax (718) 625-1966
Go to Bankruptcy Attorney Brooklyn NY to learn more about Rosenberg Musso & Weiner LLP and/or to set up a free consultation.
