No one is immune to bankruptcy – it can affect anyone, including celebrities. In fact, a startling number of the “rich and famous” have filed for bankruptcy for relief from their debts. There are many reasons why someone famous might file for bankruptcy, including overspending, divorce, legal issues, contract disputes, bad investments, and declining income due to the fading of their celebrity “star power.” In some cases, celebrities delegate financial management and tax preparation to advisors or investors who may prove to be inept or even criminal, leading otherwise financially solvent people into insolvency. Additionally, many people, including celebrities, do not have the ability to spend less than they earn, or are naïve about how to cope with a sudden increase in wealth. For example, since 2006, when the Bravo Network first began airing the “Real Housewives” series, at least six of the sixty-seven cast members (9%) have filed for bankruptcy.
You may be surprised to learn that even widely known celebrities with long, apparently lucrative careers have experienced bankruptcy. Following are some celebrities who have filed ---
Actors: Burt Reynolds, Terri Polo, Sherman Hemsley, Gary Busey, Drake Bell, Lorraine Bracco, Stephen Baldwin, and Kim Basinger.
Popular Musicians: Toni Braxton, Anita Bryant, Stanley Burrell (aka “MC Hammer”), Aaron Carter, Natalie Cole, Mick Fleetwood, Ronald Isley, Jerry Lee Lewis, Vince Neil, Dionne Warwick, Earl Simmons (aka “DMX”), David Crosby, and Tionne Watkins (also known as TLC’s “T-Boz”).
Country Musicians: Merle Haggard, Mindy McCready, Tammy Wynette, Eddie Mongomery, and David Allan Coe.
Other notable names: David Adkins (aka “Sinbad”), Janice Dickinson (self-proclaimed “First Supermodel), Arsenio Hall, Vickie Lynn Hogan (better known as Anna Nicole Smith) and Suge Knight. After being criminally acquitted for the murder of her daughter in 2011, Casey Anthony also filed for bankruptcy.
Given the subjective definition of who would be considered to be a “celebrity,” it is difficult to determine the exact number of celebrities who have filed for bankruptcy. The aforementioned listing of celebrities is therefore not exhaustive. For more information about financial affairs and legal matters, contact skilled and experienced bankruptcy counsel.
Image credit: Pixabay (image of American actress Veronica Lake, who filed for bankruptcy in 1951)