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Florida resident, former Flying Wallendas, files for Chapter 13

One Florida resident, who is a former member of a high-wire act, recently filed for bankruptcy. Going by his Chapter 13 filing, it appears that the 57-year-old has made very little money in the past few years, and still owes quite a bit of money on the two rental properties that he listed as assets.

Back when he was still performing, the now 57-year-old was a member of the family group known as the Flying Wallendas. As part of this high-wire act he performed in such big names shows as the Ringling Bros. and Barnum & Bailey Circus.

However, nowadays he is struggling to keep up with his debts on what little income he makes.

According to his Chapter 13 filing, he made just $10,000 last year. In 2010 he fared even worse with his income listed at just $8,000. In 2009 it was only $1,800.

When looking at the income for his two rental properties, while this does bring in $3,250 a month, he still has to spend $2,085 a month on the mortgage payments.

In the recent filing the 57-year-old lists having $419,231 in liabilities, but just $202,642 in assets. Those liabilities include owing Chase Bank $62,848, Home Depot $4,200 and American Home Mortgage Services another $70,000.

Under this Chapter 13 bankruptcy, which is also commonly referred to as a "wage-earner" bankruptcy, the 57-year-old will hopefully be able to create some kind of a plan in order to pay back creditors over a three to five year time period.

Source: Sarasota Herald Tribune, "One of the Flying Wallendas files for bankruptcy," Michael Braga, Jan. 24, 2012

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