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Famous Celebrities Who Filed For Bankruptcy

Celebrities are famous for a number of things starting from their talent, flashy cars, exorbitant expenditure and another aspect which they wouldn’t want to talk about. Despite their fame and fortune, they are not careful their money and frequently get into trouble of the financial variety. Today we are discussing some of the bankruptcies filed by famous celebrities.

These are not the people who just had a few thousand dollars in their accounts but for owners of huge fleets of cars which they displayed to all concerned. The rapper 50 Cent who was reputed to be $155 million worth has now filed for bankruptcy under Chapter 11 of the bankruptcy protection act. Michael Jackson and Francis Ford Coppola are also part of the names of bankruptcies filed by famous celebrities. Here are some of the names of the celebrities who filed for bankruptcies.

“Capitalism without bankruptcy is like Christianity without hell.”Frank Borman

Kim Basinger

Kim Basinger was worth $5.4 million when she filed for bankruptcy in 1993. She faced a lawsuit of $8.1 million filed by Main Line Pictures for breach of contract when she backed out of the movie Boxing Helena.

Basinger settled the lawsuit for $3.8 billion and has thereafter appeared in multiple movies and has signed a contract with IMG models. She is presently 60 years old and has an estimated net worth of $36 million.

Meat Loaf

Jim Steinman forced Meat Loaf to file for bankruptcy after he sued him after the unsuccessful release of Meat Loaf’s album Dead Ringer. Loaf released his last hit album in 1993 and has since acted in movies. However, he is presently worth $25 million which is quite a distance away from where he was decades earlier.

Willie Nelson

Willie Nelson faced one of the biggest demands in tax history when federal investigators discovered he had invested money in a tax shelter which was ruled as illegal by the IRS and was fined $16.7 million. The demand was reduced to $6 million by the lawyers of Nelson which he couldn’t pay. The IRS seized his ranch in Texas along with his assets and took everything but his guitar which was sent to him to Hawaii by his daughter in 1990. However, Nelson made a unique deal with the IRS to pay the balances from the revenue office album and eventually paid the outstanding monies in 1993. Nelson has since released numerous albums and is currently worth $25 million.

Dennis Rodman

Dennis Rodman earned a salary of $27 million in the NBA besides his endorsement deals but Rodman had a difficult time paying his bills after he left the NBA. He was unable to keep pace with his child support payments and wound up in court for the $809,000 owed to his third wife as child support payments along with $51,000 for spousal support. He has also checked into rehab after a trip to North Korea for a basketball game and the reasons provided for the rehab was alcoholism.

Cyndi Lauper

Cyndi Lauper had a difficult start to her career when she spent four years writing and singing for the group Blue Angel. An album released by the group titled Polydor did not succeed causing Lauper to file for bankruptcy. She had to continue with her difficulties by working in a Japanese restaurant and also in retail before releasing her hit album She’s So Unusual in 1983. Cyndi Lauper is presently worth an estimated $30 million.

MC Hammer

MC Hammer was worth $33 million when he released his hit album in 1990 but had to file for bankruptcy protection in 1996 with nearly $10 million in debts and assets worth $1 million. Hammer has admitted to Oprah Winfrey that it was his frivolous spending which led him to file for bankruptcy. He was employing around 200 people from his community and spending a sum of $1 million every month on their payroll. Hammer is presently married with five children and is involved in making investments in Internet startups to providing information on creating iPad apps. He reportedly owed $800,000 in back taxes even in 2013.

“Bankruptcy exposes the economic vulnerability and insecurity of middle-class women.”Elizabeth Warren

If these are some of the bankruptcies filed by famous celebrities you could be surprised to understand that Boris Becker the tennis star has filed for bankruptcy in the United Kingdom just yesterday including his name among the bankruptcies filed by famous celebrities.

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