The Duchess of York Faces bankruptcy, according to royal sources in British newspapers. Sarah Ferguson aka, 'Fergie', faces financial problems and soaring debt due to 'naive' approaches to money. Â The former wife of Prince Andrew, for all practical purposes, is broke. Â The Duchess of York bankruptcy is serious, but if she files for bankruptcy, it could lessen the 'embarrassment' she has already caused.
The news that the Duchess of York may face bankruptcy, or is avoiding bankruptcy does not bode well with those that love her and the Royal Family. This, by far, is a paradox, as the world would not expect this type of news to come out of Buckingham Palace, especially about a Duchess, and about filing bankruptcy.
Duchess of York Bankruptcy: Â An Embarrassment to the Royal Family?
According to the Telegraph, royal sources from Buckingham Palace state that Sarah Ferguson, Duchess of York, and former wife of Prince Andrew, is in debt of 5 million British pounds. Â In American dollars, this is a hefty $8 million dollars. Â Other sources report that it is closer to 2 million British pounds, or nearly half.
Senior advisors have stated that although her filing of bankruptcy will be an "embarrassment" to the Royal Family, it may be her best course of action, due to her out-of-control debt. Reports from Buckingham Palace state that Queen Elizabeth of the Royal Family was, "deeply concerned".
The Duchess of York, recently, came under fire in May when she was discovered taking part in a "cash for access" scheme of her former husband, Prince Andrew. The scheme netted her 500,000 British pounds. Â She has apologized for her actions, and stated that her former husband did not take part in the scheme.
Is filing of bankruptcy the only option for Sarah Ferguson?
By any stretch, $8 million British pounds, or $5 million US dollars is a lot of money. Considering the gravity of the situation involving "Fergie" and her "naivetÃ©", filing for bankruptcy protection could be the most sensible thing to do. Â The world has a way of forgiving, and forgetting, and this is no exception.
Marred by the negative publicity that her rising debts and filing of bankruptcy has caused the Duchess of York, to retain the trust and integrity of her role, she must make strides in making proper decisions. Â The Duchess of York bankruptcy is embarrassing, but in light of the 'embarrassment' she may have caused the Royal Family, they have demonstrated time and time again that one can still be held in favor. Â Because the Duchess of York files for bankruptcy, being held in favor is priceless.
Note: Â Advisor (US spelling), Adviser (UK spelling)
Â©2010 by Bruce Bakerfor Gather.com, All rights reserved.