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Owners of most expensive U.S. home are facing money challenges

The most expensive private home for sale in the U.S. is quite a doozy.

Called Cooper Beech Farm, it sits on 50 acres in Greenwich, Connecticut, a community with an average income many times greater than that of most average Louisiana residents (or, indeed, residents of any U.S. state). It boasts a wine cellar, a grass tennis court, two private islands and a spawling mansion. It is on the market for the nearly unfathomable price of $190 million.

But Copper Beech Farm also has $124 in mortgage debt, and two years ago, its owner sued his mortgage provider, claiming predatory lending practices.

To us, that shows that even the very, very wealthy in our country are facing financial problems, thanks in large part to the lingering effects of the recession of 2008.

In our work as bankruptcy attorneys, we often meet people who feel helpless and hopeless. One message we hope comes across loud and clear is that in many situations, there are, in fact, options.

Whether you are struggling to conquer credit card debt, satisfy large medical expenses or cope with the fallout of a business deal that went south, you are far from alone. Our justice system recognizes that sometimes, bad things happen to good people, and as such, it has created options and outlets so that people do not have to live their lives encumbered by toxic, crippling debt.

If you are interested in learning more, a conversation with a bankruptcy attorney may prove to be illuminating.

Source: The Seattle Post-Intelligencer, "America's most expensive property has Wash. ties, $124 million in debt," Neil Vigdor, July 16, 2013

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