David Cassidy has filed for bankruptcy, according to reports, and owes thousands of dollars in credit card debt and legal fees.
On Wednesday, the former Partridge Family star filed for bankruptcy protection after amassing a debt that totals in the hundreds of thousands. According to E! Online, Cassidy owes over $21,000 to American Express and $17,150 to Citi, in addition to the debt he’s racked up in legal fees over the past few years.
To make matters worse for David Cassidy, the Daily Mail explains that he has a $292,598 mortgage against his house. Although the actor and singer took out a substantial personal loan from Wells Fargo, he’s still quite a bit behind on his bills. As a result, Cassidy has officially filed for bankruptcy protection.
David Cassidy has filed for bankruptcy. See how deeply he’s in debt: http://t.co/AuOD4tmZHK
— TV Guide (@TVGuide) February 12, 2015
However, Cassidy believes this step is necessary to get his life back on track. According to the New York Daily News, court documents state that Cassidy has “assets and debt of up to $10 million.” He released a statement about the bankruptcy filing to E! Online.
“I am going through bankruptcy proceedings at the moment. This is necessary for practical reasons to reorganize my life as I go through divorce and to restructure my finances.”
Unfortunately for David Cassidy, the bankruptcy filing is just the latest in a string of extremely bad news. The Inquisitr reported last year that the actor/singer pled guilty to driving while intoxicated in New York, stemming from an incident that occurred in 2013. Police also arrested Cassidy for DUI in Los Angeles in January of 2014.
Judging from his statement to the press following his appearance in court last year, David Cassidy wasn’t at all thrilled with how the situation played out.
“I’m not pleased how this turned out tonight, but at least I’m not going to prison. Is this an election year? I don’t mean any disrespect. I love this part of New York and have been coming here for years to the track. I admit I was driving drunk, but this was my first offense in New York State. I didn’t hurt anyone or crash my car.”
According to People, Cassidy’s wife, Sue Shifrin-Cassidy, filed for divorce one month after his third arrest for driving while intoxicated.
What do you think about David Cassidy filing for bankruptcy protection? Do you think this step is necessary for the actor/singer to get his finances back on track?
[Lead image via Neilson Barnard / Getty Images Entertainment]