Bankruptcy , a proceeding involving a person or business that is unable to repay outstanding debts. Every wiser say that circumstances change with time, there are lots of examples that you can use, like Michael Jackson, a famous American singer and dancer, he was also a businessman, I’m a big fan of Michael Jackson and I hope you too, everyone calls him “King Of Pop”, but as you know well that he was bankruptcy. There are many famous celebrities who have filed bankruptcy, now I’m sharing photos of those celebrities who have filed bankruptcy, so see below and know more about them.
Anna Nicole Smith, the former Playmate model, filed for bankruptcy in 1996, following the death of her billionaire husband J. Howard Marshall. Above: Actress Anna Nicole Smith vamps and poses for the media after attending Betsy Johnson 2004 fall-winter collection shown in New York on Feb. 9, 2004 at Olympus Fashion week
Duchess of York Sarah Ferguson has recently became the first senior royal to ever seek debt relief. Ferguson is reported to be $7.9 million in debt. Above: Sarah Ferguson, Dutchess of York, listens during the “Engaging Philanthropy to Promote Gender Equality and Women’s Empowerment” press conference held at the United Nations on February 22, 2010 in New York City. Seminars are being held at the UN to address issues of women empowerment and equality in third-world nations.
The hundreds million earned during his boxing career were not enough for Mike Tyson and his lavish lifestyle. Tyson filed for bankruptcy in 2003, owing a debt of $27 million. Above: former Heavyweight champion Iron Mike Tyson waits for the fight card to start at the South Coast Hotel and Casino in Las Vegas, Nv, on July 14, 2006
Facing bankruptcy in 2009, Oscar-winning actor Nicolas Cage was forced to put several of his properties on the market after failing to pay $6 million in taxes to IRS. Most of Cage’s recent movie roles have been seen as “paycheck gigs” taken only because of his pressing debt. Above: Nicolas Cage arrives at “The Sorcerer’s Apprentice” Premiere at the New Amsterdam Theatre in New York on July 6, 2010.
Sprinter Marion Jones was in deep debt after spending a significant sum of money on legal representation to fight numerous allegations, linked to the BALCO controversy. Above: Olympic Gold Medalist Marion Jones has tears in her eyes while speaking to the media outside the U.S District Court House in White Plains, New York on October 5, 2007. Jones pleaded guilty Friday to lying to federal investigators about taking banned substances.
Gary Coleman, the child star on Diff’rent Strokes, ended up with financial problems. In 2009, Coleman claimed a debt of $72,000, accusing his adoptive parents of stealing about one million of his estate. Above: TV and movie actor Gary Coleman emcee’s a timeout during the game between the Dallas Mavericks and Phoenix Suns, AZ April 13, 2006.
Talk show host Larry king was unable to pay his $352,000 debt in 1978 and had declare bankruptcy. King struggled to get back on his feet and finally has become one of the most famous American anchor. Above: CNN news anchor Larry King watches as the San Francisco Giants lose 4-1 to the Los Angeles Dodgers at AT&T Park in San Francisco on April 7, 2007.
Right before Britney Spears’ rise to fame, her mother Lynne Spears and husband James filed for bankruptcy in 1998. Above: Lynne Spears poses for photographers at WomenRock!, Lifetime Television’s fifth annual concert to fight breast cancer in Los Angeles, September 28, 2004. The show airs October 28th on Lifetime television.
Singer Natalie Cole went bankrupt in 1997. Above: Natalie Cole performs at Variety, The Children’s Charity of St. Louis’ 42 Annual Dinner with the Stars in St. Louis on April 26, 2008.
Singer Cyndi Lauper filed for bankruptcy after splitting with her band Blue Angel in 1980. In spite of her financial struggle, Lauper kept working and released her hit “Girls Just Want To Have Fun” in 1985. Above: Cyndi Lauper performs in concert, during her second annual gay, lesbian and transgenders friendly “True Colors” tour at the Sinatra Theater in the BankAtlantic Center in Sunrise, Florida on June 19, 2008.
The world’s biggest pop star Michael Jackson, known for outrageous spending sprees, was in a heavy debt before his tragic end in 2009, rumored to owe about $500 million to different creditors. Jackson’s most famous residence, the amusement park-like Neverland Ranch, was close to foreclosure. Above: Michael Jackson, the “King of Pop”, seen in a February 14, 2001 file photo in New York, died from a heart attack in Los Angeles on June 25, 2009.
In 1993, Actress Zsa Zsa Gabor had to file for bankruptcy after being sued for libel and ordered to pay more than one million dollars to actress Elke Sommer. Above: Actress Zsa Zsa Gabor enters the City Line Dinner Theatre in Philadelphia 6/2/1983 carrying one of her dogs with an aide following her.
David crosby was bankrupt in 1985 because of his solo career’s fail, forcing him to sell his sailboat where most of his famous songs were written. Above: David Crosby hides behind a curtain as he attends the premiere of his film “CSNY Deja Vu” at the Eccles Theater during the Sundance Film Festival in Park City, Utah on January 25, 2008.
The Trump organization has filed for bankruptcy three times over these past twenty years. In 1991, Donald Trump found himself $900 million in debt and had to give up ownership holdings of the Trump Taj Mahal and Trump Plaza Hotel. The 2009 financial crisis didn’t leave Trump unscathed and he was bankrupt for the third time. Above: Donald Trump signs copies of his new book “Think Big and Kick Ass in Business and Life” at Barnes & Noble in New York on October 16, 2007.
The purchase of Greek isles Hotel & Casino in Las vegas wasn’t a success and actress Debbie Reynolds had to declare bankruptcy in 1997. Above: Debbie Reynolds attends a photocall to promote her new UK tour “Alive & Fabulous” at Sofitel St. James in London on April 1, 2010.
Tom Petty and the Heartbreakers perform in concert at the BankAtlantic Center in Sunrise, Florida on July 15, 2008.
Retired Swedish tennis player Bjorn Borg is known for his bad business decisions. Borg’s company, Bjorn Borg Design Group, filed for bankruptcy in 1989 and Borg was forced to sell his house to pay off his debt. In 1997, Borg’s friends helped him avoid bankruptcy after eleven creditors demanded him to pay more than $1 million owed from the failed clothing company. One of Borg’s major issues was that he lived in Sweden where tax rate is pretty high. Finally Borg moved to tax-free Monaco. Above: Bjorn Borg awaits the ceremony after the finals match between Rafael Nadal of Spain and Roger Federer of Switzerland at the French Tennis Open in Paris on June 8, 2008.
Tia Carrere was bankrupt early in her career, when she lost her suit against ABC in 1986. At that time Carrere tried to escape her contract with General Hospital to join the cast of the A-Team. Above: Tia Carrere arrives for the 51st annual Grammy Awards at Staples Center in Los Angeles on February 8, 2009.
Francis Ford Coppola was shooting “Godfather III” when his Zoetrope company production filed for bankruptcy in 1990 because of the “One from the heart”, “Rumblefish”, “The Outsiders” successive fails. Above: Director Francis Ford Coppola attends the New York premiere for his new film “Youth Without Youth” held at the Paris Theatre on December 5, 2007.
In the early 1990′s, Toni Braxton was $3.9 million in debt from financial mismanagement when she filed for bankruptcy. Above: Toni Braxton arrives on the red carpet before the annual Clive Davis Pre-Grammy Gala in Beverly Hills, California on January 30, 2010.
Actor Randy Quaid and his wife, Evi, filed for bankruptcy caused by “The Debtors”, a film the couple made in 2000 which wasn’t a success. The couple was reported to be $3.5 million in debt. Above: 02 FEBRUARY 2001 – LOS ANGELES, CALIFORNIA. Randy Quaid at the Premier of Hannibal at the Mann Village Theater, February 1 in Westwood, California. rw/Russ Einhorn/Star Max.EUROPE, AUSTRALIA, JAPAN OUT.
George McGovern filed in 1991 after his inn went out of business. Above: senator George McGovern, recipient of the Living Legends Freedom of Flight Award, attends the Living Legends of Aviation 5th annual awards in Beverly Hills, California on January 24, 2008.
In 1993 Kim Basinger lost a lawsuit and was ordered to pay over $8 million that caused her bankruptcy. Above: t08 MARCH 1998 – LOS ANGELES, CALIFORNIA, USA:Oscar-nominated actress Kim Basinger speaks with reporters upon arriving March 7 the 50th annual Directors Guild of America Awards in Beverly Hills, Ca. UPI jr/Jim Ruymen.
Miami Vice star Don Johnson go into financial issues when he was sued by City National Nak of Los Angeles for over $930,000 in 2004. Johnson finally managed to save his $20 million Pitkin County ranch in Colorado. Above: Don Johnson arrives at the Palais des Festivals for the gala screening of the Coen brothers’ new film “No Country For Old Men” at the 60th Cannes Film Festival in Cannes, France on May 19, 2007.