Even The Rich Lose It All
Even the rich and famous can find themselves in financial turmoil. These celebrities had no choice but to file for bankruptcy.
Aaron Carter
In 2013, former teen pop star Aaron Carter filed for bankruptcy, citing $2 million in debts. In his youth, his parents grossly mishandled his finances, and so much of his financial troubles stemmed from back taxes.
Though he tried to make a comeback in his career, Carter tragically passed in 2022 at the young age of 34.
Francis Ford Coppola
Francis Ford Coppola may be one of the most celebrated directors of all time, but he sure had troubles with his finances. After all, he ended up bankrupt three times. Why? Well, because of the movies, of course.
He Uses His Own Money
Coppola used his own money to back the 1982 musical One From the Heart—but it performed terribly. Though Coppola has managed to get control of his debts, he still has no qualms about investing his own money into projects. For instance, Megalopolis reportedly cost him $100 million.
Mike Tyson
Mike Tyson was one of the most successful boxers—a heavyweight champion. He made a lot of money and had the lifestyle to match, but in 2003, he had to face down debts of $23 million.
He Made A Comeback
Though Tyson ended up filing for bankruptcy, he managed to come back from it in a big way. Not only did he land roles in Hollywood films, but he also started his own brand, Tyson 2.0.
Abby Lee Miller
Abby Lee Miller was the face of Dance Moms as the show revolved around her dance studio in Pennsylvania. However, in 2010, she claimed to be $400,000 in the hole and filed for personal bankruptcy. But there was a snag in her plan.
She Hid Her Money
In 2017, federal investigators made a shocking discovery. Miller's bank accounts had concealed over $775,000. As a result, the reality tv star ended up behind bars for a short time, getting out in 2018.
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Cyndi Lauper
Prior to her work as a solo act, Cyndi Lauper was part of the band Blue Angels. Unfortunately, in 1980, the manager of Blue Angels sued Lauper for $80,000. She ended up going bankrupt. But there was a silver lining.
She Had A Hit Album
In 1983, Lauper's album She's So Unusual became a huge hit. Thanks to its popularity, she was able to clean up her financial troubles by 1984.
Kim Basinger
In 1989, Kim Basinger set out a doomed venture. She purchased a good chunk of land in Braselton, Georgia, hoping to transform it into a tourist destination. She spent $20 million, but the whole idea crashed and burned. Unfortunately, that wasn't the end of her worries.
They Sued Her
In 1993, the producers of Boxing Helena sued Basinger for $8.1 million when she dropped out of the production. The actress had no choice to file for bankruptcy, but settled her situation by 1995.
Toni Braxton
Toni Braxton has been in some deep financial trouble twice. The first time she filed for bankruptcy was in 1998. In a later interview, Braxton revealed that she had a shopping addiction at the time. But that was only the beginning.
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She Had To Cancel Her Show In Vegas
Braxton's second experience with bankruptcy was because of medical reasons. She'd funded her own Vegas show, but had to cancel her performances after discovering she had microvascular angina. She reportedly had $10 million to $50 million of debt.
Burt Reynolds
Burt Reynolds may have been one of the biggest heartthrobs of the 1970s, but he ran into trouble in the 1990s after his turbulent divorce from Loni Anderson.
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An Expensive Divorce
Apparently, Reynolds' divorce cost him a pretty penny. This, combined with his high standard of living, landed him with $11.2 million in debt.
Ongoing Struggles With Money
Two years after Reynolds filed for bankruptcy, he clawed his way out of the hole and settled his debts—but he continued to have financial troubles. The 82-year-old actor passed in 2018.
50 Cent
50 Cent, AKA Curtis Jackson, became one of the biggest rappers after the success of his album Get Rich or Die Tryin. Though he certainly rode the wave of wealth for a time, by 2015, 50 Cent's finances were a waving red flag.
Due to debts ranging from $10 million to $50 million, 50 Cent had to file for personal bankruptcy.
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Meat Loaf
Michael Aday, AKA Meat Loaf, had his moment in the sun during the 1970s. However, by 1983, the rock musician was in trouble.
christopher simon, CC BY 2.0, Wikimedia Commons
He Sold It All
For years, Meat Loaf grappled with mismanaged finances, as well as lawsuits. In order to settle his debts, he made a drastic decision—and sold the rights to his music.
Super Festivals, CC BY 2.0, Wikimedia Commons
Alex Jones
In December 2022, Alex Jones, the founder of Infowars had debts worth $1.5 billion. He filed for Chapter 11 bankruptcy protection. Jones had got himself into trouble when he began calling the Sandy Hook Elementary School incident a "hoax."
Jaredlholt, CC BY-SA 4.0, Wikimedia Commons
He Couldn't Pay Them Back
As a consequence, Jones had to pay hundreds of millions in damages to the families of the children who lost their lives. When the star filed for bankruptcy, the families' attorneys called him "cowardly."
Jaredlholt, CC BY-SA 4.0, Wikimedia Commons
Todd Chrisley
Known for Chrisley Knows Best, Todd Chrisley claimed to be $49.4 million in debt—and filed for bankruptcy. Only two years later, his family starred in a reality show where their luxurious lives were front and center.
He Paid The Price
In 2019, Chrisley found himself in hot water. He and his wife were charged with wire fraud charges, tax evasion, and bank fraud. Their sentence? The court sentenced Chrisley to 12 years behind bars, and his wife to seven years.
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Teresa And Joe Giudice
In 2009, Terese and Joe Giudice filed for bankruptcy. This just so happened to the same year that they made an appearance on The Real Housewives of New Jersey. According to the couple, they had debts of almost $11 million.
They Divorced
In 2013, the couple ended up facing charges for concealing their income, as well as cheating their lenders. Both Terese and Joe ended up behind bars for a time and eventually divorced.
Lil' Kim
In 2018, Kimberly Jones, best known as "Lil' Kim" was $4 million in debt and decided to declare bankruptcy so that she wouldn't have to give up her mansion.
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She Landed The Right Gig
Lil' Kim went on to star in the reality tv series Girls Cruise in 2019, which helped her out financially. As a result, she asked to have her case dismissed.
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Sonja Morgan
Sonja Morgan starred in the The Real Housewives of New York City, but following her divorce, she filed for bankruptcy. Though she had assets worth $13.5 million, she was reportedly $19.8 million in debt.
In 2015, she settled her debts.
Janice Dickinson
In her heyday, Janice Dickinson was a successful supermodel, but in 2013, she had to file for bankruptcy. Unfortunately, she'd landed herself in debt to a number plastic surgeons, as well as the IRS—about $1 million.
Wayne Newton
Wayne Newton may have known for his Las Vegas performances, but he's also known for her awful finances. In 1992, his investments backfired, landing him in debts that exceeded $20 million. But that was just the tip of the iceberg.
JamesPFisherIII, CC-BY-3.0, Wikimedia Commons
He Abandoned A Jet
Down the road, Newton abandoned a private jet at an airport storage facility and faced huge fines. He also owed back taxes.
La Toya Jackson
Michael Jackson's older sister, La Toya Jackson went bankrupt in 1995. You see, Jackson had a six-month contract with the Moulin Rouge but left before her contract ended. The club sued her for $650,000.
Mick Fleetwood
In 1984, Mick Fleetwood's drinking and addictions caught up with him. He ended up $3.7 million in debt, and filed for bankruptcy. Luckily, the musician managed to gain sobriety by the 1990s.
Teri Polo
The actress Teri Polo may be best known for her role in the show The Fosters and the comedy Meet the Parents. However, in 2014, she ended up bankrupt. Though she had $809,000 in debt, she claimed her assets were below $50,000.
Gary Coleman
Gary Coleman may have been a beloved child star on the show Diff'rent Strokes—but he came to a tragic end.
He Met A Sad End
For years he faced legal battles and medical bills, which drove his finances into the ground. By 1999, he was bankrupt. Sadly, Coleman passed away in 2010 at the young age of 42. He'd fallen down the stairs and suffered a brain hemorrhage.
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