Celebrities with Financial Trouble

Celebrities are just like us and sometimes struggle financially. Some take on additional roles, others sell assets and some file for bankruptcy to gain financial relief.

Aretha Franklin – sued by her condo association for over $11,000 in past due condo association fees.

Michael Jackson – at the time of his unexpected death in 2009 he was close to foreclosure on the famous Neverland Ranch.

Nicolas Cage – he is one of Hollywood’s biggest earners but also biggest spenders. At one point, he owed over $6,000,000 to the IRS for 2007 taxes.

Mark Twain – after investing in a publishing house that went bankruptcy, Twain was forced to file for bankruptcy in 1894.

Dennis Rodman – after winning championships with the Chicago Bulls, Rodman claimed broke and unable to pay bank child support. In 2012, he was claimed to owe over $800,000 in back child support.

Kim Basinger – in 1989, Basinger purchased an entire town with the intention of making a tourist attraction or production studio. Instead she filed for bankruptcy and declared a loss.

Toni Braxton – she was diagnosed with Lupus and owed thousands in medical bills. She’s filed for bankruptcy multiple times for financial relief.

Stephen Baldwin – he filed for bankruptcy in 2012 on over $70,000 in credit card debt.

Gary Busey – he filed for bankruptcy protection but did not offer and assistance for his tax debt. He claims to owe over $451,000 to the IRS.

 

Author: Elizabeth Doren Paralegal at Geraci Law L.L.C.

I am a paralegal at Geraci Law L.L.C. (the greatest consumer bankruptcy law firm that ever was or will be!) I talk to thousands of people who are struggling financially.