Here’s a list of 20 famous people who filed for Bankruptcy relief. Who would’ve thought?
- 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.
- Abraham Lincoln – Experienced financial hardship due to failed business ventures before entering politics and becoming the 16th President of the United States.
- Larry King – Filed for bankruptcy in 1978 after accumulating significant debt due to business losses and medical expenses.
- Mike Tyson – Despite earning millions as a professional boxer, Tyson filed for bankruptcy in 2003 due to excessive spending, legal issues, and unpaid taxes.
- Donald Trump – Filed for bankruptcy multiple times for various business ventures, including his Atlantic City casinos, to restructure debt and continue operating.
- Kim Basinger – Declared bankruptcy in 1993 after a legal battle over her withdrawal from a film project resulted in a substantial financial penalty.
- Toni Braxton – Filed for bankruptcy twice, in 1998 and 2010, primarily due to medical expenses and financial mismanagement.
- 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.
- Burt Reynolds – Experienced financial setbacks in the 1990s, resulting in bankruptcy due to failed business ventures and legal battles.
- Debbie Reynolds – Faced financial challenges in the 1990s after her Las Vegas hotel and casino went bankrupt.
- Marvin Gaye – Filed for bankruptcy in 1976 due to tax issues and ongoing financial disputes with his record label.
- Francis Ford Coppola – Despite his success as a filmmaker, Coppola faced financial troubles with his production company, Zoetrope Studios, leading to bankruptcy in 1990.
- 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.
- Gary Coleman – Experienced financial difficulties after his acting career declined, leading to bankruptcy filings in 1999 and 2010. Whatchyou talking bout Willis?
- 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.
- Nicolas Cage – Faced financial troubles due to extravagant spending and mismanagement, resulting in multiple bankruptcy filings in the late 2000s.
- 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.
- 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.
- Meat Loaf – Filed for bankruptcy in 1983 due to financial disputes and legal battles with his former songwriter and collaborator, Jim Steinman.
- 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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