This stems from the law firm Dewey & LeBeouf filing for bankruptcy back in 2012. One of the partners there made $134k MONTHLY but somehow managed to spend $196k MONTHLY! Check it out the WSJ story here:
http://blogs.wsj.com/bankruptcy/2015/01/06/in-bankruptcy-with-a-19000-monthly-rent/"John Altorelli, the latest former Dewey partner to seek bankruptcy protection, filed for Chapter 7 in November to halt a $12.9 million lawsuit brought against him in the Dewey bankruptcy, according to a lengthy statement from his lawyer.
"But behind the potential Dewey debt—which seeks to claw back all the money he made at the firm in its final 4 1/2 years—is an extravagant lifestyle that’s costing quite a bit of cash on its own. In a 90-page disclosure filed last week in U.S. Bankruptcy Court in Bridgeport, Conn., Mr. Altorelli details how a monthly income of $134,611 is completely eaten up, and then some, by more than $196,000 in monthly expenses.
"Many of those costs stem from real estate, including a $19,000 monthly rent for an apartment on Manhattan’s Upper West Side and $11,756 per month in mortgage payments for his seven-bedroom home in New Milford, Conn. He’s also footing the bill for two other Connecticut properties that, like his primary home, are worth less than what he paid for them.
"Tack on $7,450 a month for a car service, nearly $25,000 in alimony and hefty tax obligations, and the monthly costs quickly rise.
"Mr. Altorelli declined to comment Monday on his finances, which are laid bare in the filings. The disclosures also include a list of every household item, article of clothing, book and CD in his possession, including 32 suits, 70 ties, seven blenders, a 2008 Cadillac Escalade and a $16,000 watch. (Even his dogs—two Rottweilers and a German shepard—get mentioned)."