Top Ten Celebrities to Suffer from Debt! Most Curious Bankruptcy Stories of Famous People

A lot of world renowned businessmen and famous people face financial challenges and they are no longer able to pay their employees, outstanding debts, or other financial obligations. Running off to a small island is not the solution to the problem. There are a few options to explore but the most common solution is filing for Bankruptcy. A lot of celebrities have filed for bankruptcy including some world renowned businessmen.
10

Henry Ford

Henry Ford Henry Ford of Ford Motors also filed for bankruptcy. In fact, his first two businesses failed; he filed for bankruptcy while managing his firs business endeavour. The second one ended as a result of a serious disagreement between Henry and his business partner. The third saw the first sale of the Ford and resolved his debt related problems for good.
9

Burt Reynolds

Burt Reynolds The famous Burt Reynolds filed for Bankruptcy sometime in 1996 as a result of an expensive divorce as well as failed real estate investment.
8

Abraham Lincoln

Abraham Lincoln Abraham Lincoln, one of the most popular Presidents of the United States who abolished slave trade and met such a violent death in a theatre also filed for Bankruptcy. As a result of failed businesses and loans from family and friends, Lincoln was forced to file for Bankruptcy not just once but twice!
7

Marvin Gaye

Marvin Gaye Marvin Gaye, the popular pop artist filed for bankruptcy in 1979. It is even said that he lived in a bread van for a while!
6

Mike Tyson

Mike Tyson Iron Mike Tyson earned a whopping $400 million during his career but as a result of mismanagement, a very expensive divorce, extravagant lifestyle and lots more, he filed for bankruptcy as he could no longer pay his bills.
5

MC Hammer

Mc Hammer MC Hammer, the famous hip hop legend of the early 90s, earned more than $30 million dollars throughout his career. He blamed his bankruptcy on having misplaced priorities. Ever since he has been trying to put back his life together. He now lives on a ranch in California.
4

Michael Jackson

Michael Jackson Michael Jackson was declared bankrupt as he only had about 0.05% of his assets in cash and a very lavish lifestyle to keep up with. Let’s not forget his great investment in Neverland that amounted to $17 million dollars in 1988. The expensive dreamland cost about $10 million a year to maintain. After all the movie theatre, the fire department, the rail line, the helicopter pad, the amusement park, and the zoo required constant care and attention.
3

Walt Disney

Walk Disney Walt Disney! Surprised? Well, don’t be. Walt Disney filed for bankruptcy before Mickey Mouse gave him a helping hand. When his largest business partner went bankrupt, Walt Disney had to file for bankruptcy too on account of the fact that he could no longer pay his workers. He started all over again two years later with some borrowed funds and Mickey Mouse came some five years after that. As we well know, the rest is history.
2

Larry King

Larry King Another big name that has filed for Bankruptcy is Larry King! Larry King filed for bankruptcy twice as well when he was “deep in debt”. He did show clear signs of having financial problems particularly when he was accused of stealing about $5000 from a business partner.
1

Donald Trump

Donald Trump Yes, Donald Trump has filed for Bankruptcy twice for his Casino business. However, he has never filed for personal bankruptcy. He remains at the top with a personal asset base of about $2 billion dollars. Keeping your personal and business account and assets separate is a school of thought every business owner must hold close. A lot of world renowned businessmen and famous people face financial challenges and they are no longer able to pay their employees, outstanding debts, or other financial obligations. Running off to a small island is not the solution to the problem. There are a few options to explore but the most common solution is filing for Bankruptcy. [smartads]

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