Rumor has it that the father of billionaire twins Mary-Kate and Ashley Olsen has filed for bankruptcy after facing an imminent foreclosure on his home shared with his former secretary, now second wife McKenzie. According to anonymous sources, David Olsen is seeking bankruptcy protection to save his home from foreclosure after falling behind on payments and owing the bank $2.2 million. And this isn't the first time that David Olsen has tangoed with financial trouble, last year he temporarily lost his home due to tax liens but was able to save it at the last minute by somehow coming up with enough cash to cover the tax liens and avoid a tax lien foreclosure.
Many following the Olsen saga have noted that David Olsen, the father of the famous Olsen twins should be getting financial help from his wealthy kids. But the reality is that David Olsen's financial woes and foreclosure debacle is not the responsibility of his children and even if they do help him financially it may not solve the root of the problem which could be that Mr. Olsen is simply living beyond his means or he has suffered a loss of income and failed to downsize his lifestyle. Because today, it is not just ordinary people facing foreclosure and bankruptcy, many celebrities are watching their income shrink and facing financial challenges that they may have imagined were far behind them. But even for those who are wealthy, keeping tabs on finances and sudden changes that may occur is essential to avoiding foreclosure, credit card troubles and bankruptcy. And of course when financial storms hit, considering your bankruptcy options is a smart choice and can help you get onto the road of financial recovery quicker.