Todd Chrisley, of the new reality show "Chrisley Knows Best," filed for Chapter 7 bankruptcy to resolve $49.4 million of debts, but he still looks mighty rich in his lavish 30,000 sq. ft. Atlanta mansion. What gives?
Contrary to popular belief, there are certain assets you can keep when you file for Chapter 7 bankruptcy. But there are also penalties when you try to hide your assets.
Chrisley is currently caught between these two rules.