However, the reality is quite different. Merely being a television star does not grant immunity from financial difficulties.
An example of this can be seen in the case of celebrity chef Cat Cora, who has recently been compelled to declare bankruptcy due to accumulating a debt exceeding one million dollars.
From Radar Online:
It's hard not to sympathize with Cat. She's drowning in debt, and to make matters worse, her ex-wife seems determined to squeeze every last penny out of her.
According to court documents obtained by RadarOnline.com, the celebrity chef said she has property worth $10,943 and liabilities totaling $1,193,516.
Cat said her average monthly income is $4,167 per month but her monthly expenses total $29,118 — leaving her in the red.
In her petition, she listed her assets as a dining room set worth $1,500, kitchen utensils and plates worth $1k and clothing in the amount of $2k. At the time of her filing, she claimed to only have $5,643 in her Union Bank checking account.
She listed her creditors as her ex-wife Jennifer who she owes domestic support obligations. She did not list the amount owed. Cat owes another $45k to American Express, $150k to a New Jersey law firm, $283k to one of her divorce lawyers, another $113k to another Santa Barbara law firm and $150k to a lawyer named Susan Wiesner.
The petition listed another $450k owed to the IRS.
In court documents, Cat listed her occupation as a self-employed chef. She said she supports her 4 children: Zoran, 17, Caje, 14, Thatcher, 12 and Nash, 12. All the children live with her.
Cat’s monthly expenses include $6,500 per month spent on a rental home, $17k in support payments and $5k for food and housekeeping supplies. Her monthly expenses total $29k which leaves her in the red $25k ever month.
The Food Network star said she pulled in $282k from her business in 2020. In addition, Cat’s businesses filed for bankruptcy.
In April, Cat’s ex-wife Jennifer rushed to court objecting to the bankruptcy or the chef’s debt being wiped clean. She argued Cat had failed to move her Chapter 11 case forward or present a reorganization plan for her debt.
Debt is often a result of our own choices, but let's face it, we all make mistakes. We can only hope that Cat receives the support and assistance she needs to get back on her feet.
