Todd Chrisley was unable to make the bankruptcy settlement payment
Todd Chrisley is a real estate developer who starred on the USA Network reality show “Chrisley Knows Best”. At one point, his company was worth $ 8 million. However, he began withdrawing money from the company quickly. He bought luxury cars as a birthday present for his family and publicly bragged about spending $ 300,000 annually on clothing.
Todd Chrisley has to keep the bill. He likes when things seem perfect. As long as his business was going well, he could do that. But then a massive real estate development loan that he personally guaranteed went wrong and he was hooked for $ 30 million. He already had $ 12 million in mortgage debt and owed nearly $ 600,000 in back taxes to the IRS. With the loss of the loan, he was now $ 49.4 million in debt, with only $ 4.3 million in net worth. In August 2012, he filed for Chapter 7 bankruptcy protection.
During the bankruptcy hearing, the trustee began to grow suspicious of Chrisley and began investigating whether or not Todd and his wife Julie were hiding money somewhere. The trustee alleged that Todd had transferred some of his money and property to his wife’s name. He sued the Chrisleys in 2014 for fraudulent transfers.
Chrisley claimed he had nothing to hide and got off relatively easily with a $ 150,000 settlement on more than $ 49 million in debt.
His bankruptcy process dragged on for three years, but eventually Chrisley agreed to pay $ 150,000 to drop any claims against him, his wife Julie, and his former business partner, Mark Braddock.
Now it’s nearly two years later and Chrisley still owes $ 70,000 for his severance payment. He promised the trustee that he would pay the final amount in November. No check has ever arrived.
The trustee is now pushing for tough sanctions, including revoking the debtor’s discharge. That would mean Chrisley would be stuck in the hole again for $ 49.4 million.
Today Todd Chrisley has a net worth of minus $ 5 million. It is good that his wife is wealthy regardless.