Celebs That Went Bankrupt

Mike Tyson

Image Source/ MarcaIt's safe to say that the famous boxer Mike Tyson owed quite a lot of his wealth out, no wonder he filed for bankruptcy. Tyson made the decision after racking up debts including $17m to tax authorities, a $9m divorce settlement and a $300k debt to a limo company. Ouch!

50 Cent

Image Source/ Howl & EchoesRapper 50 Cent famously filed for bankruptcy in 2015 after being between $10 and $50 million in debt. He filed shortly after the settlement of $5m he had to pay a woman who sued him over a tape. He had to come up with a payment plan for around $23m of debt.

Donald Trump

Image Source/ GQWe all know Donald Trump as a majorly successful business tycoon but that wasn't always the case. While Trump's business Trump Entertainment Resorts endured great success, it actually filed for bankruptcy six different times, until Trump stepped down as chairman of his own company.

Meat Loaf

Image Source/ SPNMeat Loaf has become a household name over the years but his net worth is no where near what it used to be. He can thank his bankruptcy in the 80's for that! While it was much to do with Meat Loaf's poor money management, it didn't help that a songwriter actually sued him.

Perez Hilton

Image Source/ The TelegraphThe fabulous Paris Hilton's brother Perez Hilton hit some financial troubles back in 2005 that ended with him declaring bankruptcy. While he'd only been working a short time, he had managed to round him massive credit-card bills and college debts that saw him owe over £32,000.

Aaron Carter

Image Source/ In Touch WeeklyAaron Carter endured much success during the early 2000s, but that's where it ended. After avoiding his taxes of around $2m, he was forced to file for bankruptcy. Upon his declaration, the assets he owned included a TV, Louis Vuitton backpack and around $900 in his bank account.

Toni Braxton

Image Source/ DlistedToni Braxton did not have it easy during her career. She admitted in 2012 that she was receiving around £2k in royalties for her album, and her lavish lifestyle couldn't keep up with the little money. While she had success with "Unbreak My Heart," she landed herself in more trouble when she cancelled a LA tour.

Duncan James

Image Source/ Daily StarBlue member Duncan James was made to file bankruptcy in 2013 following his band's company Blueworld going into administration. He was shortly followed by bandmate Simon too. James expressed his relief:

"It means I can start again. Before I went bankrupt, I had been trying to pay off loans for years and felt as if I was drowning."

Calum Best

Image Source/ Irish MirrorFootballer Calum Best was best known for appearing on the celebrity version of Big Brother. However, he was no exception to financial issues and was forced to declare bankruptcy quite recently. He expressed that having money from an early age made him lose the value of it.

MC Hammer

Image Source/ GrungeMC Hammer was forced to sell his house when he filed for bankruptcy, due to his accumulated debt of over $13m. He endeavoured to turn his life around after his financial troubles and became a minister and consultant in the aftermath of his public bankruptcy.

Richard 'Fazer' Rawson

Image Source/ MENThe N-Dubz co-star declared bankruptcy after failing to pay his taxes, naughty boy. While it was never released how much money he owed to the tax-man, it was known that he was forced to sell his share of the expensive home he owned with Tulisa in London, worth around £796,500.

Mark Twain

Image Source/ GrungeMark Twain is a key figure in literature history and learned about widely across US schools. However, did you know that Twain had made a dodgy investment in a brand new typesetting machine? After the financial panic of 1893, Twain lost a lot of money and experienced many financial problems within his publishing house.

Teresa Giudice

Image Source/ ABC NewsReal Housewife of New Jersey Teresa Giudice led a lavish lifestyle before enduring legal problems which led her to declaring bankruptcy. The reality TV show star is now paying back to the IRS and New Jersey Department of Revenue in lieu of her bankruptcy.

Abby Lee Miller

Image Source/ BBCDance Moms star Abby Lee Miller is a notorious household name. But, she actually had to plead guilty to bankruptcy fraud in 2016 after hiding hundreds of thousands of dollars during her stint on the show, and it was later discovered she had shipped a lot of the money to Australia.

Stephen Baldwin

Image Source/ LuxurylaunchesAlex Baldwin's younger brother Stephen landed himself in over $2m worth of debt after two mortgages and a credit card, meaning that he had to declare bankruptcy in 2009. Even after these financial troubles Baldwin was foreclosed on after neglecting to pay his mortgage for 6 years.

Nicolas Cage

Image Source/ VarietyNic Cage has starred in hundreds of films and audinces love him. However, his financial management is something bizarre to say the least, often splurging on things like sharks, dinosaur skulls and pygmy heads. He was hit with a double whammy when the IRS filed a tax lien against his home, and his ex sued him for $13m.

Michael Vick

Image Source/ Bleacher ReportNFL rising star Michael Vick had his career halted after the revelation of his illegal dog-fighting ring. Dampening his career, Vick was forced to give up his extravagant lifestyle and filed for bankruptcy in response to the $50m worth of debt he owed out.

Cyndi Lauper

Image Source/ CNBCWhile Cyndi Lauper's solo career was a success, she didn't always endure this achievement. Lauper actually started her career as part of the group Blue Angel and, after never hitting the fame, landed herself in around $80k debt, forcing her to declare bankruptcy.

Larry King

Image Source/ Business - TIMELarry King is notoriously known for his fantastic journalism skills and is probably one of the most famous journalists in the world. But don't let his vast success fool you. Back in the late 70s, King had accumulated around $300k of debt, forcing him to declare bankruptcy.

Willie Nelson

Image Source/ The StreetWillie Nelson the iconic country music star was a little less nuanced about the debt he had ended up in. At some time in the 80's, Nelson had managed to rack up a debt between $16m and $32m to the IRS. So, in order to pay the money back, he released the hit title "The IRS Tapes: Who'll Buy My Memories."

Marvin Gaye

Image Source/ Showbiz Cheat SheetMarvin Gaye is known for being the best Motown artist there ever was. While his career has been full of triumphs, Gaye did well to come out of the other side of bankruptcy in 1976. He filed due to his $600k of unpaid alimony. He eventually agreed that he'd pay his ex all royalties from the next record he released.

David Cassidy

Image Source/ Los Angeles TimesDavid Cassidy had led a successful career but the fame got the better of him. Turning to the bottle, Cassidy's alcoholism cost him a lot of money, and also his wife too. After being charged with three DUIs amidst his divorce, Cassidy filed for bankruptcy due to his accumulated $10m of debt.

Debbie Reynolds

Image Source/ International Business TimesWhile she was a legendary film star to say the least, Debbie Reynolds didn't want her success and fame to stop there. Back in 1992 she purchased the Clarion Hotel and Casino, before renaming it to the well known Debbie Reynolds Hollywood Hotel. However, it didn't take off and Reynolds was forced to declare bankruptcy in 1997.

Kim Basinger

Image Source/ Nicki SwiftUnfortunately for actress Kim Basinger, she wound herself up in a lawsuit in the early 1990s. While people will recognise Basinger as an established, talented actor, she was crucified for backing out of a deal to appear in the film Boxing Helena. Main Line Pictures actually sued her for over $8m.

Tom Petty

Image Source/ Showbiz Cheat SheetTom Petty had to fight against his bankruptcy, tooth and nail. After a tumult with his record label, he refused to release anymore albums, so the label sued him landing the artist $500kk in debt. He tried to fight his corner in court, asking for the contract to be nulled.

Gary Coleman

Image Source/ Nicki SwiftDiff'rent Strokes star Gary Coleman wasn't the culprit of his own bankruptcy, he claims. In 1999 he owed around $72k, and he pointed the finger at his parents, saying that they had robbed his trust fund and made off with the money, forcing him to file for Chapter 7 bankruptcy.

Sinbad

Image Source/ Celebrity Net WorthSinbad is a great comedian, no doubt, but he has experienced many troubles in the past. After running into issues with his creditors and the IRS, he ended up owing millions and eventually filed for Chapter 13 bankruptcy (for the second time) to offset his $8.3m of debt.

George Foreman

Image Source/ BiographyNow everyone has heard of the George Foreman grill haven't they? Well, did you heard of all the bad investments Foreman made? After his boxing career, Foreman lost his $5m fortune on bad and dodgy investments, that eventually led him to declare bankruptcy.

Dionne Warwick

Image Source/ Business InsiderAfter spending years on top of the charts, Dionne Warwick was left with just $1,000 in cash. She ended up owing $7m in unpaid taxes, plus another $3m to the state of California in franchise taxes. On top of that, she was made to pay another $500k in lawyer fees. That's gotta hurt.

Allen Iverson

Image Source/ Bleacher ReportNBA retiree Allen Iverson had a healthy $200m in his pocket upon his retreat from the sport. But after two years of wild spending, the money was gone. A jeweller eventually demanded $900k from Iverson and he was forced to file for bankruptcy as a result.