Filing for bankruptcy can be a hard situation to deal with – both emotionally and financially. If you’re experiencing financial hardships times may be tough right now, but they won’t be like that forever.
A big misconception about money troubles are that they only happen to people who are broke, but that’s just not true. Financial hardship can hit the best of us and by that I mean people with money. Below is a list of celebrities who have declared bankruptcy despite being both rich and famous.
50 Cent
This is the most recent celebrity bankruptcy. After several hit albums and a lucrative deal with Coca-Cola for his Vitamin Water the rapper still finds himself strapped for cash. He was filing for bankruptcy in July.
Janice Dickinson
America’s most notorious supermodel filed for bankruptcy in 2013 and reportedly owed over a $1 million in debt to several creditors, including the American Government. Dickinson was quoted in Fox News saying “I am upset and taking every step to pay everyone back.”
Sinbad
The comedian has filed for bankruptcy twice (in 2009 and 2013) but hasn’t let it get him down. He owed more than $8 million in taxes, but says he has no regrets.
Mike Tyson
It’s been said that professional boxer Mike Tyson went bankrupt in 2003 from having a lavish entourage and an over-the-top lifestyle (he really owns a tiger). However, Tyson didn’t let filing for bankruptcy keep him down. After a small dark period – the face tattoo – Tyson made a comeback with an autobiography and appearances in The Hangover movies.
Meat Loaf
You may know him for his music or you may know him from The Celebrity Apprentice. But before Meat Loaf met Donald Trump he went bankrupt in 1998. Meat Loaf decided to make a career change and appeared in movies such as Fight Club the next year.
Burt Reynolds
The movie star was over $10 million in debt when he declared bankruptcy in 1996, reportedly due to excessive spending, a divorce and bad investments. He has since had roles in movies such as Boogie Nights and The Longest Yard.
MC Hammer
If you remember the 90s then you remember MC Hammer’s dance anthems Can’t Touch This and 2 Legit 2 Quit. Despite being a multi-award-winning recording artist Hammer hit hard financial times and declared bankruptcy in 1996. However, he made a music comeback in 2012 when he teamed up with fellow popular dance artist Psy for a remix of Gangnam Style.
Wayne Newton
It turns out Mr. Las Vegas isn’t so business savvy. Fox News reported that Newton was the highest paid entertainer in the world in 1983, but just nine years later he declared bankruptcy in 1992. Newton didn’t let money troubles run him out of town. He continues to perform throughout Las Vegas and at venues worldwide.
Donald Trump
Although The Donald has probably never fired himself he waived bye-bye to his fortune several times. Despite having his business declare bankruptcy four times between 1991 and 2009, Forbes estimates Trump’s current net worth at over $4 billion.
Larry King
This may be old news, but it’s still a good story. Before he became a popular face on CNN, King declared bankruptcy in 1978 with over $350,000 in debt according to TIME. Hopefully King will manage his money better this time around.
Your current financial state won’t always be the situation you’re in. Just like these celebrities, you too can move past your current financial situation. If you are considering filing for bankruptcy, you can get a free consultation with a local bankruptcy attorney in your area
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