Park Bogum’s face might be gracing a lot of dramas and commercials in Korea, but it wasn’t until recently that he got out of bankruptcy, Yonhap News reported yesterday.
The actor was reportedly up to 800 million won ($915,000) in debt – and it wasn’t because of a flamboyant spending habit. Chosun Ilbo reported that his father had loaned 30 million won ($34,000) in 2008 to start a business and made him signed on as a co-guarantor. He was 11 at that time.
His father was allegedly unable to repay the debt and it had accumulated to 10 times the amount by 2014. The actor couldn’t pay it off and filed for bankruptcy that same year after being sued by his creditors.
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The court declared him a bankrupt and ordered his creditors to write off most of his debt, save for 30 million won ($340,000), after reviewing his financial situation.
He has reportedly repaid the full sum by September last year.
His agency, Blossom Entertainment, told Yonhap News, “We do not know the details as they are Park’s personal affairs which took place when he was very young. But as far as we know, all the problems were solved last year and there is no problem at the moment.”
Image: TPG/Click Photos