Barry Corbin BankruptcyBarry Corbin, the actor who played Maurice Minnifield, the patriarch of Cicely, Alaska, in the TV show Northern Exposure; Uncle Bob in the movie Urban Cowboy; and Sheriff Fenton Washburn in Dallas has filed for bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas.

After becoming a respected Emmy Award-nominated character actor, Corbin faced a declining income and needed time to catch up on his bills…His house, on 9 acres on Greta Lane in east Fort Worth, is for sale for $685,000. Last year, the home was listed at more than $700,000…]

Corbin’s bankruptcy filing comes as a shock to many of his fans; but not as a surprise to those on the frontlines of this recession.  Corbin, an Emmy-award nominated actor, was just as vulnerable as any other Texan who have bills to pay and not enough income to work with. And like many other Texans, Corbin’s home has lost significant value leaving him upside down on his mortgage and financially vulnerable. At 69 years old, Corbin is probably looking forward to retirement and unable to meet his expenses. So many older Americans find themselves, at that age, and after working hard for many years, needing to file bankruptcy because their debts are just too much to handle. Fortunately for seniors, the bankruptcy code allows them to keep their retirement savings and their home if they wish while discharging the vast majority of their unsecured debt, with few exceptions.  It is a wonder why more debt ridden seniors do not take Corbin’s example and file bankruptcy.  It may be just what they need at this point in life so that they can enjoy a retirement that is not bogged down with debt worries and insecurity.