David Cassidy Can’t Pay His $10,0000 Debts, Files For Chapter 11  Despite $10 million in Assets

David Cassidy, the famous actor from “The Partridge Family” TV series in 1970 has filed for Chapter 11 bankruptcy protection in Florida to help him with his finances.

“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,” stated Cassidy in an email through his publicist Jo-Ann Geffen

Cassidy had completed his session at the rehab so he went to make the proceedings on filing last Wednesday in Florida.

“He’s been out of rehab for a while. In fact, judge in L.A. recently commended him for doing so well,” Geffen said.

Cassidy, according to court documents obtained by the Los Angeles Times, still holds assets that may amount to $10 million. But, the actor has had several money problems that have left him in $ 10,000 debt. Now, 64 year old Cassidy has troubles with various creditors and has more than $39, 000 in credit card debt, a personal line of credit of $292,598 which is suspected to be a mortgage against his house, more than $131,000 in attorney’s fees, and large sums in other auditing, medical, and maintenance bills.

In addition, he had one personal injury attorney’s fee that added up to the amount of $102, 834, and another fee was recorded as $17, 508. Cassidy, the former child star who has homes in Fort Lauderdale, Fla., and Saratoga Springs, NY, is also dealing with a legal dispute of Thoroughbred horses he co-owns, TMZ reported. In February 2014, his wife of 23 years filed for divorce. Sue Cassidy said the breakup had been causing so much trouble and pain and the final divorce had her “truly heartbroken”.

He and Sue had a son during their marriage whose name is Beau. The former idol is also the father of the actress Katie Cassidy of the popular TV series “Arrow”. Katie is her daughter from his previous relationship. Last year, Cassidy was reportedly was sentenced to 90 days rehab after entering a no-contest plea when he was arrested on suspicion of DUI in January near Los Angeles International Airport.

 

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