When most celebrities have more money than you can ever think of, it’s hard to imagine any of them having to declare bankruptcy. Below is a list of 5 celebrities that you probably didn’t know declared bankruptcy, compiled by the team at Rebound Finance, America’s number one stop for second chance debt and credit solutions.
While his net worth now sits at well over $100 million, Larry King had his fair share of money problems in his life. In the 50s and 60s, King was successfully working on radio in Miami, but then in 1972, he was charged with grand larceny. The charges were eventually dropped but he couldn’t find more work in radio and was forced to file for bankruptcy a few years later, in 1978.
Over his 20-year boxing career, Mike Tyson earned an unheard of $400 million and should have realistically, been set for life. However, his earnings didn’t last him long as he filed for bankruptcy a few years after retiring, citing debts of over $20 million. He has since recovered, but it is hard to fathom someone spending that much so quickly.
50 Cent has been a hip-hop mogul and successful businessman for decades. However, in 2015, 50 Cent was forced to file for Chapter 11 bankruptcy as his debts were measured at $50 million. He eventually made a $20+ million payment to get the bankruptcy discharged.
While she is doing great now, Kim Basinger went through a rough patch in the 1990s. Basinger filed for bankruptcy in 1993 after backing out of a movie role and subsequently being fined over $8 million for breach of contract. While she later settled for under $4 million, it still took a serious toll on her finances as it was estimated that she was only worth around $5 at the time she was sued.
Francis Ford Coppola
Coppola is arguably one of the best directors ever and has directed such classics like The Godfather and Apocalypse Now. So while he was a great director, he was also an awful money manager. He filed for bankruptcy a whopping three times over the course of one decade, the first time in 1982 after taking a huge loss on one of his films.
Dealing with any amount of debt is never easy, no matter who you are, this is why it’s so important that you seek the help you need before it’s too late. Visit www.reboundfinance.com for more information on how our debt relief programs can help you.