TMZ reports that former ‘CSI’ star Gary Dourdan, who played Warrick Brown on the popular crime investigation show from 2000 to 2008, filed for Chapter 11 bankruptcy earlier this month.
According to TMZ, Dourdan, 45, has $1.8 million in assets and $1.73 million debts. The actor owes $1.6 million to various banks, including Union Bank, which holds the mortgage to his home.
Court documents indicate that Dourdan has a disposable income of $321 per month, while paying $14,562 in bills.
A common misconception about Chapter 11 bankruptcy is that only businesses can file it; however, Chapter 11 bankruptcy is also available to individuals. People, who make too much money to file for Chapter 7 bankruptcy and have too much debt for Chapter 13 bankruptcy can file for Chapter 11.
An individual filing for Chapter 11 bankruptcy must submit a plan to the court in order to show a plan to reorganize debts. In some cases, there are benefits to an individual Chapter 11 bankruptcy, as you typically do not have to work with a trustee and the case can run longer than a Chapter 13.
Any individual who has debts may be facing the same difficult decisions as Dourdan. If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.
Law Firm of Kevin D. Judd