Top 5 Most Notorious Celebrity Bankruptcies

Bankruptsy agreementRock stars, actors, and celebrities make millions of dollars each and every year. At the height of their careers, many of these celebrities rake in hundreds of millions. Yet for many celebrities, money troubles still exist. Singers or actors, who are no longer in the public eye, may have difficulty finding work and maintaining the lifestyle to which they have become accustomed. Even celebrities can fall victim to bad financial decisions, poor money management skills, and mismanaged funds. When this happens, they may be forced to file bankruptcy. Here are 5 of the most notorious celebrity bankruptcies.

M.C. Hammer

The “U Can’t Touch This star rose to fame in the 1990s and was exceedingly popular. His net worth even rose to over $33 million and he was on the cover of numerous magazines throughout the 90s. Yet as his fame dwindled, so did his bank account, and he was forced to file for bankruptcy in 1996.

Dionne Warwick

Dionne and her psychic friends obviously didn’t see this coming. The singer filed for bankruptcy in 2013 after she owed more than $10 million in unpaid back taxes. She and her publicist claimed that she had suffered gross financial mismanagement.

Warren Sap

The hard-hitting football player filed for bankruptcy in 2012 after he discovered that he owed more than $6.7 million to creditors. Even though he is a Hall of Fame football player and NFL correspondent, he only had $6.45 million in assets at the time of his bankruptcy.

Mark Twain

Bankruptcy isn’t just a 20th century phenomenon. Beloved author Mark Twain made several bad investments with his money and was forced to file for personal bankruptcy in 1894. Luckily, he assigned his copyrights to his wife beforehand.

Donald Trump

The iconic businessman was not always good with this money. He actually filed for bankruptcy 4 separate times: in 1991, 1992, 2004, and 2009. He never filed for personal bankruptcy, but rather, he used Chapter 11 to get out of business debt, even though his net worth is still an estimated $3.9 billion.

Other celebrity bankruptcies include:

  • Anna Nicole Smith
  • Burt Reynolds
  • Kim Basinger
  • Larry King
  • Wayne Newton
  • Meat Loaf
  • Janice Dickerson
  • Ulysses S. Grant
  • Toni Braxton
  • Debbie Reynolds
  • Mickey Rooney
  • Sinbad
  • Billy Joel
  • Lindsey Lohan
  • Mike Tyson

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If you are considering bankruptcy, take the first step toward relief by contacting our office. The friendly and knowledgeable Dripping Springs bankruptcy experts at the Daniel Law Firm will be glad to assist you in determining which option is best for you. Don’t spend another day letting financial woes keep you from living the life you want. Contact a Dripping Springs Bankruptcy Attorney at The Daniel Law Firm today at (512) 615-3569.

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