Another "Real Housewives" Star Files For Bankruptcy

[keepinitreal]

November 18, 2010

'Real Housewives of New York City' star files for bankruptcy

Sonja Morgan, star of Bravo’s The Real Housewives of New York City, filed for bankruptcy yesterday, People reports.

“The decision to seek bankruptcy relief was not an easy one,” Morgan wrote in court papers. “But unfortunately, I am at a crossroads in my life.”

According to her Chapter 11 bankruptcy petition, Morgan’s debt is listed at $19.8 million. She has attributed her financial struggles to a “bitter” divorce from husband John Adams Morgan — a descendant of J.P. Morgan and John Adams — as well as a failed film venture with Hannibal Pictures.

Morgan, who joined the Real Housewives of New York City cast during its most recent third season, is optimistic about her future. “My current monthly income including support is about $26,000 per month,” she told People. “And I expect this income to improve as new opportunities materialize.”

Earlier in the year, Real Housewives of New Jersey star Teresa Giudice also filed for Chapter 11.

http://news-briefs.ew.com/2010/11/18/real-housewives-of-new-york-city-star-files-for-bankruptcy/

[nokia123]

I heard about this one.

[clevelandmom]

Have you heard anything about Teresa Guidice's BK? Any news on the status? (A $60,000 shopping spree the day after her 341 hearing? REALLY?? That should almost qualify as not mentally qualified to stand trial).

[ValleYum]

Have you heard anything about Teresa Guidice's BK? Any news on the status? (A $60,000 shopping spree the day after her 341 hearing? REALLY?? That should almost qualify as not mentally qualified to stand trial).

And tailor made Halloween costumes for her children?? UGH! So are they both filing Chapter 11 because they make too much money or because they consider themselves business entities or what? I just read somewhere that Toni Braxton is filing Chapter 7 - so that made me wonder why the Real Housewives are filing 11's.

[goodyphilips]

So even big stars are not spared from this big 'B'.

[helpme2010]

All of us on this board have had to struggle with the fears of meeting the means test and make sure we are doing are bk's under the proper rules. I am blown away by some of these celebrities and how they can pull off bk's and get away with lavish buying sprees both before and after the bk. Perhaps they are turning themselves into corporations so the rules are different.

But I am shocked the judges and creditors don't challenge their expenses and buying sprees.

[Goteki45]

So even big stars are not spared from this big 'B'.

It appears that way. When people rich, middle class or working poor build their lifestyles on the foundation of credit and it goes too high, the weight eventually collapses .

[goodyphilips]

Completely agree with you that if you are not prudent in your financial practices and build your base on your credit then it is a recipe of the disaster.