10 Celebrities Who Had To File For Bankrupcy

Many people fantasize about the celebrity lifestyle. We all like to think that being rich and famous will solve all our problems, especially from a financial point of view. However, that’s not always the case. While we believe that everyone on the front cover of a “celeb” magazine or topping the latest charts is bursting with glamor, charisma and – most importantly – cash, the sad truth is that even famous people can land on hard times.

So with that in mind, please spare a thought for the following celebrities who have had to file for bankruptcy (some more than once). Whether you derive pleasure from this list or not, it certainly speaks volumes about how even the super rich can make mistakes every so often.

Burt Reynolds

Burt is the quintessential American acting icon, yet in 1996 he had to file for bankruptcy after a costly divorce settlement and a failed chain of restaurants.

Donald Trump

Most people think of Donald as being a shrewd billionaire thanks to his appearance in The Apprentice. Not so, however, as he has allegedly filed for bankruptcy four times.

Joe Francis

Joe Francis is the face of Girls Gone Wild – literally a frat boy icon. You’d think his empire would be keeping him well in pocket. However, him being $16 million in debt says otherwise.

Kim Basinger

Wait, when did this Hollywood mega star become broke? Back in 1993 when she was forced to pay $7 million in damages to Main Line Pictures for backing out of a film deal, that’s when.

Larry King

The radio presenter filed for bankruptcy in 1978 after amassing over $350,00 in debt.

Lindsey Lohan

As well as owing $23,000 in back rent, she is also supposedly $600,000 into her credit card and is receiving calls from the IRS who say she owes them over $1,000,000. Fortunately, she got help from friend Charlie Sheen for that last one.

M.C. Hammer

Mr Hammer (AKA Stanley Burrell) is pretty much the poster child for celebrities who have become broke. His exquisite lifestyle was ultimately his undoing and he was allegedly in debt to the tune of $13 million.

Meat Loaf

Yep, even the rock legend himself had to bite the bullet in the mid-1980’s when he declared himself bankrupt after a lawsuit was filed against him by a former songwriting partner.

Mike Tyson

Once a successful boxer, Mike Tyson made a bit of a name for himself after he was jailed for three years in 1992. While he has made a slight comeback thanks to his appearance in The Hangover movies, that isn’t stopping the IRS from tracking him.

Pamela Anderson

She was the hottest thing on our TV screens some decades ago. Now the Baywatch star is being chased by no less than five contractors who claim she owes around $600,000, not to mention she also owes around $300,000 in federal taxes. Despite all this, she claims that she is definitely not yet broke. No one’s judging Pamela…