Tori Spelling has massive debt and no savings, says source

On Behalf of | Feb 2, 2016 | Bankruptcy |

Texas residents may be interested to learn that actress and reality television star Tori Spelling has been sued for an unpaid debt. According to a Jan. 21 report, Spelling is facing a lawsuit from American Express for unpaid debts. Sources have also reported that Spelling’s husband, Dean McDermott, is urging her to file for personal bankruptcy.

American Express is apparently seeking the repayment of $40,000. However, Spelling reportedly has no savings with which to pay the debt. One source said that Spelling owes money to other credit card companies and is behind on payments to a storage company. If the 42-year-old actress does not pay her storage fees, her memorabilia, clothing and other items could be auctioned off. The source also said that Spelling is against filing for bankruptcy and refuses to discuss it with her husband.

Some say that Spelling incurred the American Express debt during the summer of 2015. At that time, Spelling and McDermott had no income, and Spelling was recovering from serious burn injuries that required hospitalization. Spelling and McDermott have four children together between the ages of 3 and 8.

Some people are reluctant to file for personal bankruptcy because of the damage that it can do to their creditworthiness. Though bankruptcy can lower a credit score for some people, there are many ways to regain a high credit score after the bankruptcy process is over. A person who is considering bankruptcy as a method for getting out of debt may want to talk to a lawyer about the benefits of bankruptcy. There are eligibility requirements associated with Chapter 7 that the lawyer can explain.