We may glamorize them on television for their luxury lifestyles and exuberant financial profiles, but “Real Housewives” aren’t exempt from the financial challenges that plague Americans. Best known as one of the Real Housewives of Orange County, Peggy Tanous has announced that she has filed for protection under Chapter 7 bankruptcy. Despite a lavish lifestyle, debt is a problem for many individuals who would otherwise appear to have everything financially together.
Tanous’ Debt Problems Grow to Millions
Since starring in the extravagant reality show, debt problems have stalked Tanous’ every move. Despite the bankruptcy filing and ongoing debt problems, Tanous shows no intentions of modifying her current lifestyle. According to the Chapter 7 bankruptcy filing, Tanous’ debt and liabilities total over $2 million. On the other hands, her assets are approximately $850,000 and her annual income is an expected $30,000 since leaving the Real Housewives of Orange County.
More specifically, Tanous’ debt and expenses include $3,200 monthly expenses, $70,000 credit card debt, over $2,000 for monthly child support, and approximately $10,000 for a book contract. One of the most interesting aspects of this case is the fact that Tanous has changed her status from divorced to single in her paperwork. Despite filing for Chapter 7 bankruptcy because of her debt, though, Tanous has used social media to perpetrate the image that she is still together with her husband.
This is not the first time that Tanous has worked with a bankruptcy attorney to handle her debt. Before she even became a “Real Housewife,” money issues were already bothering Tanous, who previously filed a lawsuit against the bank to keep her $1.3 million mansion.
Tanous is reminder to all Americans that while a bankruptcy attorney can help you file for bankruptcy, it’s ultimately your own responsibility to practice responsible money management. Without taking advantage of the bankruptcy, debt problems can resurface. When working with a bankruptcy attorney, it’s important to ask about money management techniques and resources to use your bankruptcy as a true, fresh start.