Baywatch star files for bankruptcy


Nicole Eggert And Pamela Anderson Of 'Baywatch'

Former Baywatch star Nicole Eggert, who played Summer Quinn on the hit show, has filed for bankruptcy for the third time in less than 12 months after having her two former claims dismissed.

Eggert, 42, is thought to have submitted the claim for Chapter 13 bankruptcy, which can allow you to keep your home, to the courts in September last year.

According to the Daily Mail, Eggert has assets worth some $1,070,400 (£656,000).

However, the actress claims she was having to live on just $795.76 a month due to the crippling repayments on debts totalling $807,115 and other outgoings including monthly management fees of $2,000 and child care costing $3,000 a month.

In terms of her income and bank balances, Eggert, who has two daughters, listed her personal checking account as containing just $400, but said that she makes around $15,416 a month, and also receives monthly child support of $766.

The simplest way to clear such a huge debt burden would seem to sell her home in California, which is worth an estimated $870,000.

But there is a big mortgage on the property. And filing for Chapter 13 bankruptcy should allow her to avoid losing her family home in California by giving her the opportunity to make mortgage payments at a more manageable rate.

The payments she will have to make under the terms of the bankruptcy as described in the Daily Mail include 12 monthly payments of $1,071.43 to the bank, plus a further $800 to her creditors, and then $1,320 per month for the next 48 months - meaning she will clear a total of $72,960 from her mortgage debt.

Not all the celebrities who fog bankrupt are so lucky, though. Last year, Westlife singer Shane Filan was forced to hand over the keys to his home in Sligo, in the West of Ireland, after filing for bankruptcy due to property debts of some £18 million.

And Eggert and Filan are far from the only celebrities to face financial problems. Eggert's former co-star Pamela Anderson, for example, also hit the headlines in 2012 after it was revealed she owed US tax authority the IRS more than $370,000.

The famous faces of bankruptcy

The famous faces of bankruptcy