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Bestselling financial advice author files Chapter 7 bankruptcy

In tough economic times, many consumers in California and across the nation struggle to maintain control of their financial circumstances. Business owners and entrepreneurs also face the same struggles, although often on a larger scale. The recent recession has led many individuals to file for Chapter 7 bankruptcy protection. One acclaimed and highly successful author has joined the ranks of Americans who turn to Chapter 7 as a means of reestablishing financial security.

The filing comes on the heels of a court case filed by a company who had represented Kiyosaki and assisted him in obtaining publicity and paid speaking engagements connected to his bestselling book series 'Rich Dad, Poor Dad.' The court granted the company a judgment of almost $24 million. Although the author has enjoyed a great deal of financial success related to his work, he apparently made the determination that his financial standing was insufficient to weather this debt.

The original 'Rich Dad, Poor Dad' book looked at the lives of two fathers, one who achieved a great deal of success and wealth and one who struggled with finances throughout his life. The book gave a wide range of tips to consumers who hoped to better their own financial standing, demonstrating that there are a variety of paths to success. The author's own bankruptcy may provide a similar lesson.

By making a careful and thorough assessment of his finances, Kiyosaki was able to choose the type of bankruptcy filing that best suited his particular situation. Consumers with far less wealth can benefit from an equally thoughtful and well-advised approach. When it comes to bankruptcy, there is no such thing as a one-size solution. Working with a legal professional who handles Chapter 7 and other forms of bankruptcy can help consumers in California and elsewhere make the best choice possible.

Source: DailyFinance, "'Rich Dad, Poor Dad' Author Files for Chapter 7 Bankruptcy," Jill Krasny, Oct. 12, 2012

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