Top Five Celebrity Bankruptcies

Money problems are not often associated with rich celebrities. However, there are quite a few who have mismanaged their own money or chosen people with ill intentions to manage their money for them and it has led down the road of financial ruin. Any bankruptcy lawyer will tell you financial problems are common for people from all walks of life. Bankruptcy attorneys have worked with down on their luck people that never had much money to begin with, as well as those who had strong financial statuses that frittered away their cash. There are many notable celebrities who have gone done the road of financial ruin, some of which might surprise you.

Actor Burt Reynolds was one of the most popular television and movie stars of the 1970s. He was always in the most popular movies, doing the most fun things and dating the most attractive women. He owned homes on the East and West Coast, a ranch in Florida and his own helicopter. Following a divorce from his wife and a few failed movies, he found himself in quite a bit of financial trouble. In 1996, he declared Chapter 11 and owed more than $10 million to creditors.

Larry King is another surprising person to have gone bankrupt. Today he is worth more than $50 million but in 1978 he was in big trouble. His business partner at the time accused him of stealing money and he was charged. The charges were eventually dropped, but it did a lot of damage to his career. After a few smart money moves over the years, he rebuilt his wealth and is doing just fine today.

Often thought of as one of the richest men in the world, Donald Trump did not always have it so easy. He has made a lot of bad choices and lived an extravagant lifestyle. His casi-nos have also done poorly and in 1992 he went bankrupt. He has gone on to declare two more times. Lucky for him he is able to juggle money and he is always moving on to the next project, which is often successful.

It probably will not surprise too many people to learn that boxer Mike Tyson also faced financial ruin. Many people thought of him as someone who does not always make the best judgments. He received millions of dollars per fight when he was new to the world of boxing. In total, he made more than $300 million dollars during his career. He lived a lavish lifestyle and spent a lot of what he had. Eventually, it was taxes that did him in. He owed more than $13 million to the IRS, was paying half a million dollars in monthly living expenses and owed more than $27 million to creditors. He went bankrupt in 2003. Other celebrities who have faced financial burdens over the years include Willie Nelson, Kim Basinger, Wayne Newton and Cyndi Lauper. So if you are facing financial hardship and feeling sorry for yourself, know that you are in interesting company and things might turn out for you just fine.


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Stewart Wrighter recently spent time researching bankruptcy with the help of a Columbus Bankruptcy Lawyer. He met with a group Columbus Bankruptcy Attorneys to discuss debt issues.