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Here’s a list of 20 famous people who filed for Bankruptcy relief.  Who would’ve thought?

 

  1. Walt Disney – Faced financial difficulties with his first animation studio, Laugh-O-Gram Studio, which led to his bankruptcy filing in 1923 before founding Disney Brothers Studio, which later became The Walt Disney Company.
  2. Abraham Lincoln – Experienced financial hardship due to failed business ventures before entering politics and becoming the 16th President of the United States.
  3. Larry King – Filed for bankruptcy in 1978 after accumulating significant debt due to business losses and medical expenses.
  4. Mike Tyson – Despite earning millions as a professional boxer, Tyson filed for bankruptcy in 2003 due to excessive spending, legal issues, and unpaid taxes.
  5. Donald Trump – Filed for bankruptcy multiple times for various business ventures, including his Atlantic City casinos, to restructure debt and continue operating.
  6. Kim Basinger – Declared bankruptcy in 1993 after a legal battle over her withdrawal from a film project resulted in a substantial financial penalty.
  7. Toni Braxton – Filed for bankruptcy twice, in 1998 and 2010, primarily due to medical expenses and financial mismanagement.
  8. MC Hammer – Despite his early success as a rapper, Hammer faced financial difficulties due to overspending and extravagant lifestyle, leading to bankruptcy in 1996.  Apparently, London to Bombay cost too much.
  9. Burt Reynolds – Experienced financial setbacks in the 1990s, resulting in bankruptcy due to failed business ventures and legal battles.
  10. Debbie Reynolds – Faced financial challenges in the 1990s after her Las Vegas hotel and casino went bankrupt.
  11. Marvin Gaye – Filed for bankruptcy in 1976 due to tax issues and ongoing financial disputes with his record label.
  12. Francis Ford Coppola – Despite his success as a filmmaker, Coppola faced financial troubles with his production company, Zoetrope Studios, leading to bankruptcy in 1990.
  13. Larry Flynt – Filed for bankruptcy in 1983 after a legal battle with evangelist Jerry Falwell over a parody publication resulted in a substantial judgment against him.
  14. Gary Coleman – Experienced financial difficulties after his acting career declined, leading to bankruptcy filings in 1999 and 2010. Whatchyou talking bout Willis?
  15. Anna Nicole Smith – Filed for bankruptcy in 1996 following legal battles and financial instability after the death of her husband, oil tycoon J. Howard Marshall.
  16. Nicolas Cage – Faced financial troubles due to extravagant spending and mismanagement, resulting in multiple bankruptcy filings in the late 2000s.
  17. Willie Nelson – Filed for bankruptcy in 1990 after facing significant debt from the IRS due to unpaid taxes. Soon there after though, he was back and on the road again.
  18. Cyndi Lauper – Experienced financial difficulties in the early 1980s due to a legal dispute with her former manager and her label, resulting in bankruptcy filings.  Perhaps she had a bit too much fun.
  19. Meat Loaf – Filed for bankruptcy in 1983 due to financial disputes and legal battles with his former songwriter and collaborator, Jim Steinman.
  20. Michael Vick – Filed for bankruptcy in 2008 after his involvement in a dogfighting scandal and subsequent legal issues led to the loss of his football contract and significant financial setbacks, but boy could he throw a football.

 

 

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About the author 

Guss Markwell

Originally from St. Louis Missouri, I grew up in a strong Midwest and moral family who taught me right from wrong and to stand up for my rights and the rights of others. In these tough economic times, you need an advocate on your side. Why do I practice law? Often, people are facing seemingly insurmountable opposition with little or no ability to overcome great odds. It is my position that we should all be fighting for those who find themselves alone, afraid, and at times unpopular. I subscribe to the notion that a society should be judged by how it treats its most vulnerable members. I represent, and I fight for, those people. “There is light at the end of that tunnel, don’t stop.”

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