There have always been celebrities and although it is hard to believe some appear to have a problem of spending more than they earn and eventually having to declare themselves bankrupt. This may seem ludicrous to us mere mortals however take a look at the following to see which celebrities thought that it was ok to spend more than they earnt.
Although Mike Tyson may have been one of the best boxers of his time, he has always had issues when it comes to money. Mike was famous the 90s for his parties and high life, yet in 2003 when the money ran out he filed for bankruptcy.
Larry King famous for his talk show declared himself bankrupt in 1978 with a debt of over $300,000.
In 1996 Burt Reynolds was said to have been in debt to the tune of $10 million, and therefore it is understandable why he filed for bankruptcy. Reynolds has said that he regrets the situation and was never happy but felt he had no alternative.
50 Cent recently made the headlines with a sex tape that resulted in a legal battle that ended up with 50 Cent ordered to pay the lady in the tape $5 million, this is a real issue as he could not pay and had to declare himself bankrupt.
Tom Petty used bankruptcy not to free him from financial constraints but to get him out of a contract that he didn’t like. His plan worked as he was then able to negotiate much better terms in his new contract.
Toni Braxton, the singer lived her early years on the edge of bankruptcy and has declared herself bankrupt in 1998 and again in 2010.
Unfortunately for Cindy Lauper she is not as good with her money as she is singing. Cindy was forced into bankruptcy in the 80s, however her singing career finally took off and she was able to pay all of her debts in full.
Mickey Rooney declared himself bankrupt in the 60s when the whole world believed he was a multi-millionaire, even though he had just $500! Before he died in 2014 he had just managed to get out of debt.
Pamela Anderson famous for her role in Baywatch and also her lifestyle and more recently for her severe money problems. After having questions raised over her taxes she was forced to file for bankruptcy.
Courtney Love is famous for being the girlfriend of the late Kurt Corbain, and she has certainly had her fair share of money worries. Courtney was forced into bankruptcy, even though she had sold her shares in Nirvana’s back catalogue when she was unable to pay her bills due to a rather evil drug habit.
Wesley Snipes not only filed for bankruptcy because he owed $2 million in taxes but he was sent to prison for his nonpayment.
Leif Garrett was the 70s version of Justin Bieber, and although it appeared he lived a really comfortable life when he filed for bankruptcy he was not only being supported by his mother but only had $350 in the bank.
Gary Coleman made millions as the star of Different Strokes, however as a minor his parents controlled his finances and spent the lot, leaving Gary just $200,000. Coleman filed for bankruptcy in 1999 and died 10 years later.
Nicholas Cage was really good at earning money but even better at spending it, which resulting in him being forced to declare himself bankrupt.
Lindsay Lohan had a great career which plunged into severe decline due to her partying and drug taking. Lindsay was forced to declare herself bankrupt in 2012 as she was unable to secure any work.
During 1990 – 1993 it was revealed that Willie Nelson owed $16 million in back tax, and because of this he had to declare himself bankrupt.
Donald Trump, the Republican Party’s Presidential frontrunner, is au fait with how the bankruptcy courts work, after having been declared bankrupt on four times, however this was for corporate bankruptcy and his own personal finances are all still in good health.