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Meet Top 10 Bankrupt Celebrities

October 12, 2010

Author: Allison K.Watkins

We are constantly being reminded that celebrities, who make millions, also have tough time paying their bills. Apparently these celebrities are no different than you and me when it comes to balancing their checkbooks.

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1. MC Hammer

MC HammerMc Hammer blew his fortunes with extravagant spending. This Hip-Hop Artist, filed for Chapter 11 bankruptcy in 1996 because he did not have the income to support his lavish lifestyle in addition to defending all the lawsuits that were filed against him.

2. Lorraine Bracco

Lorraine BraccoHer situation was a bit different than Mc Hammer. Lorrain Bracco found herself in an unexpected and unavoidable legal situation where a long custody battle with now ex-husband Harvey Keitel, has left the star bankrupt in 1999.

3. Mike Tyson

Mike TysonAfter retiring from boxing and going through a nasty divorce, the former Heavyweight champ literally found his finances in disarray. Leading to his 2003 bankruptcy, Tyson blamed lavish spending on cars, mansions, poor financial advice plus management embezzlement of his fortune.

4. Donald Trump

Donald TrumpEven Donald Trump found himself in financial difficulty in 2004 and again in 2009. Trump’s Atlantic City hotel and Resort Company filed Chapter 11 bankruptcy twice in order to reorganize debts related to construction.

5. Toni Braxton

Toni BraxtonBraxton known for her sultry sexy voice filed a lawsuit against LaFace Records, attempting to gain release from a contract she felt was no longer fair. LaFace countersued and this led to Braxton filing for bankruptcy. Braxton spent most of 1998 in legal limbo.

6. Larry King

Larry KingAccording to the Guinness Book of World Records, radio talk show host Larry King has interviewed over 30,000 people. He spent outrageous amounts of money which left in a $352,000 debt for which he had to file bankruptcy.

7. Randy Quaid

Randy QuaidFamous for his role as Cousin Eddie in the National Lampoon’s Vacation movies, had a rough decade. He ran into money problems and filed bankruptcy in 2000, ironically over a film called “The Debtors.”

8. Lorenzo Lamas

Lorenzo LamasIn 2004, this former Renegade and soap opera star filed bankruptcy for debts that included $200,000 for a private jet. He also owed on a Harley-Davidson motorcycle, a H2 Hummer, and alimony for his four ex-wives.

9. Stephen Baldwin

Stephen BaldwinStephen Baldwin was the youngest brother of the famous acting family. However, his salary was not enough for the actor to keep up on his mortgage and other debts. In 2009, Baldwin and his wife filed bankruptcy.

10. Kim Basinger

Kim BasingerKim Basinger filed for bankruptcy in 1993 when a judge ordered her to pay Main Line Pictures $8.1 million because she had backed out of a verbal agreement to star in Boxing Helena.

It’s clear that financial problems doesn’t discriminate among people no matter what the income bracket or line of work is and can affect any of us at any time in our lives. Stay tuned because the future will bring more tales of once rich and famous celebrities filing for bankruptcy.

4 Responses to “Meet Top 10 Bankrupt Celebrities”

  1. A very interesting list you have prepared. Shows us that everyone goes through ups and downs.

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  2. No matter how far you have come in your life or how much you have accomplished, bankruptcy still might be the right way to achieve a fresh start.

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    William M. Davis Reply:

    You are right & fighting it back is the real challenge, very few people can do that without becoming the helpless victims. Thanks for the message :)

    [Reply]

  3. People deserve good life and mortgage loans or consolidation loan can make it better. Because freedom is grounded on money.

    [Reply]

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