The Allmand Law Firm, PLLC Difference

Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Britney Spears' Behavior Could Land Her In Bankruptcy

Posted By Allmand Law Firm, PLLC || 21-Jan-2010

Rumor has it that Britney Spears is engaged in reckless shopping sprees; but not with her own money. According to recent reports, Spears used her bodyguard's credit card to purchase a new pair of boots and attempted to sign her "own name" to the bodyguard's credit card receipt. And that's not the end of the story. Britney Spears is in a conservatorship (someone else controls her spending) and is limited to a $1500 a week spending limit. Back it 2007 rumors were flying that Britney Spears was at risk of bankruptcy because she has spent a whooping $21 million of her $32 million fortune earned as a pop star. Could bankruptcy really be in this star's future?

As we have mentioned on numerous occasions, being rich and famous will not make you immune to bankruptcy. Bankruptcy is for anyone (including the rich and famous) who can no longer afford to pay their debts. In many ways, the rich and famous are more vulnerable to bankruptcy than the average Joe because sometimes their fame and fortune causes them to feel "invincible." And in the case of pop stars like Britney Spears, there's the whole image to uphold to the public. And image can get expensive. But Britney Spears' image may not be the root cause of any future bankruptcy, it is her behavior. I'm assuming that she is using her employee's credit card because she has maxed out her weekly spending limit. Well, if that is the case then it is obvious that she has not learned the lessons necessary to prevent a future bankruptcy. The fact that she maxed out a $1500 spending limit AND refused to stop spending tells me that she is not willing to respect her own financial limits. I'm not sure how long a conservator will remain over her money; but if she regains control and does not change her behavior she could be facing an inevitable bankruptcy.

Categories: Bankruptcy
Blog Home