Bankruptcy can affect people from all walks of life. Even celebrities and politicians aren’t exempt from bankruptcy. Anyone can face financial troubles, and bankruptcy lawyers can provide guidance for a smooth process.
Celebrities Who Have Faced Financial Troubles
Many celebrities live large and spend big. Sometimes they overspend, and then cannot pay off everything they owe. Bankruptcy can offer a path back to fiscal responsibility, according to bankruptcy lawyers.
Rapper 50 Cent
Curtis James Jackson III, also known as 50 Cent, was worth an estimated $155 million at one point. He filed for Chapter 11 protection recently.
Singer Marvin Gaye
Marvin Gaye filed for bankruptcy in 1976 during his divorce. Mr. Gaye’s financial woes didn’t end there. He moved to Europe in the early eighties to avoid taxes owed to the Internal Revenue Service.
Actress Kim Basinger
Basinger filed for bankruptcy in 1993 after backing out of a movie contract. She has since rebounded, and is worth an estimated $36 million.
Entertainer Wayne Newton
A long-time staple in Las Vegas, Wayne Newton faced $20 million in debts when he filed for bankruptcy in the early nineties. Newton is now reportedly worth an estimated $100 million.
Former NFL Quarterback Vince Young
Former player Vince Young faced financial difficulties even with a $26 million contract. Young was arrested on suspicion of driving while intoxicated in January of 2016.
Even Politicians Aren’t Exempt
President Thomas Jefferson
Thomas Jefferson may have been a founding father, but he didn’t manage his money properly. His estate had to be sold off after his death to pay creditors.
President Abraham Lincoln
President Lincoln purchased a general store but could not make a profit. He faced financial ruin, and it took him two decades to pay the debt. Lincoln introduced a debt relief bill when President that did not pass.
Businessman and Republican Nominee Donald Trump
Companies owned by Donald Trump have filed for bankruptcy six times. These include the Trump Taj Mahal in Atlantic City, Trump Plaza and Casino in Atlantic City, and Plaza Hotel in New York. According to Forbes, Trump’s net worth is currently $3.7 billion.
Financial Problems are Universal
Financial problems can plague everyday citizens, famous celebrities, and politicians. The decision to file for bankruptcy is never taken lightly. Experienced bankruptcy lawyers can help make the process as stress-free as possible.