Debts can quickly spiral out of control. What may start off as just some medical bills and credit card debt, can lead to repeated phone calls from creditors and the threat of wage garnishment. This in turn can lead to people seeking all types of debt relief, including bankruptcy.
Chan Marshall -- who's better known by her indie rocker name Cat Power -- recently announced she filed for bankruptcy. She warned fans that her financial concerns and a medical condition may force her to cancel her European tour.
This all comes just a month after she released a Billboard Top 10 charting album and started booking multiple shows around the country.
In terms of medical bills, while it's unknown if she has health insurance or medical debt, it is known she has suffered from hospital-related addiction issues in the past. She also reportedly has angioedema, which is a condition that if left untreated can lead to severe swelling in the face, tongue, throat, and it can even cause death.
For Florida residents, the fact that a musician who sells out shows across the country found the need to file for personal bankruptcy goes to show the hard financial times many are struggling with. Fortunately, personal bankruptcy -- whether a Chapter 7 or a Chapter 13 -- is one most residents can use to find debt relief.
Of course though, in many cases it is not just as simple as filling out some paperwork. This is why it's a good idea to talk with an attorney about the different options beforehand.
Source: The Atlantic Wire, "There's No Money in Indie Music: Cat Power Is Broke," David Wagner, Oct. 31, 2012