Top 5 Celebrity Bankruptcies

September 26, 2012 - 02:57 by bankruptcylawyer

It may sound cliché, but you are not the only person today that is thinking about going bankrupt. Bankruptcies affect thousands of people who are living in the same stressed economy that you are and are having a hard time financially. The decision to declare bankruptcy happens to all types of people all over our country, and it has been that way for decades; to put it in perspective for you, here are some famous celebrities that have made the tough decision to file bankruptcy:

  1. MC Hammer: The 1990’s hit single “U Can’t Touch This” put MC Hammer over the top as an icon and also as a millionaire. It is estimated that at the end of 1990 MC Hammer was worth $33 million dollars. As “secure” as that may seem, MC Hammer’s bank account could not keep up with his lavish spending habits, and in 1996 he filed for bankruptcy.
  2. Mike Tyson: Throughout his career Mike Tyson was always ready to put on a show. His athleticism and ability to entertain earned him nearly $400 million dollars over his 20 year career. Nevertheless, in 2003 Mike Tyson was forced to declare bankruptcy because his outstanding debts all over the world were far exceeding his income.
  3. Larry King: One of the United States most popular television and radio personalities once found himself wrapped up so far in a scandal that bankruptcy quickly became his only option. In 1978 after being accused of stealing money from his Wall Street business partner Larry King had nowhere else to turn besides bankruptcy.
  4. Latoya Jackson: Being from the outrageously musical family that she is, Latoya Jackson longed for her vocals to help her soar to fame too, but that plan did not work out as she intended. In 1995 Latoya Jackson spent all she had to launch her singing career and the only place it lead her was to bankruptcy.
  5. Michael Vick:  Despite being one of the most athletic quarterbacks the NFL has ever seen, Michael Vick couldn’t stay away from financial struggles. After being convicted of involvement in an illegal dog fighting ring Vick lost his lucrative NFL salary and was forced to face the hard truth that he was in nearly $20 million dollars of debt. He filed for Chapter 11 bankruptcy in 2008.

You see, even the individuals that seem to have it all together financially hit rock bottom sometimes. Financial issues arise in everyone’s life that are unexpected and most definitely unwanted, but there are ways to cope! In most of the cases above, going bankrupt helped to jumpstart a new financial future and it can do the same for you. Whether you are asking “how does bankruptcy work” or if you have already found the best bankruptcy lawyer for your case you should be encouraged that the decision to file bankruptcy isn’t just happening to you, and it could be the beginning of you and your families’ financial fresh start.

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