Bankruptcy can hit anyone, anytime and there are numerous examples of even the high and mighty falling into bad times leading to a bankruptcy filing by them. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group brought to attention the case of Patricia Kluge, an adult film star who got one of the largest divorce settlements when she divorced her husband of nine years. The annual interest rate on the settlement was calculated to be $1.6 million per week! However, in the past 22 years, the 1-billion-dollar settlement was blown away, leaving the actress with less than $2.6 million worth real estate and personal property.
When Mrs. Kluge and her husband filed for bankruptcy, they listed personal property worth $123,000 as an exemption. This included their wine collection worth $5,000 and their engagement/wedding ring set valued at $80,000. Incidentally, the state of Virginia allows unlimited exemption when it comes to wedding rings and bands. Considering that their annual income was reported at $188,376 a year, which is much higher than the state median, their being able to qualify for Chapter 7 bankruptcy might have required assistance from skilled lawyers. If you wish to have your debts cleared, you should hire experienced bankruptcy lawyers by calling 888-297-6023.