List of Famous Bankrupt People
Updated September 2016
50 Cent, Lindsay Lohan, Lady Gaga, just a few of the names that have filed for bankruptcy in the past ten years. However, it makes you feel better to know that you’re not alone in the world of money troubles.
It’s important to know that you’re not alone when it comes to dealing with bankruptcy, especially when the world’s most famous A-listers happen to be in the list of bankrupt people in the world. Here is a list of famous bankrupt people who have dealt with financial woes.
The one hit wonder rapper reportedly owes $2.4 million in unpaid taxes as of September 2016. He’s been hit so badly by unpaid bills that he’s recently launched a viral campaign: #SaveNelly. Streams of his hit song, Hot In Herre, spiked in recent days after Nelly’s fans began a campaign to pay for the mounting tax bill, that will end up with the 41-year-old rapper filing for bankruptcy if he cannot pay it back.
With almost 200 million sales of both her albums and singles, Lady Gaga has become one of the fastest best selling artists of all time. It comes as a surprise then to find that she has suffered from financial issues, so much so that declaring bankruptcy was her only option just after her 2011 tour.
The Born This Way singer was finding herself in debts just under $2.5 million, which was when she added herself to the list of famous bankrupt people in the world.
The 2016 presidential hopeful has actually filed for Chapter 11 bankruptcy four times (and it’s even reported to be six times) – through his company.
Filing for corporate bankruptcy allows the business to continue its operations in order for them to restructure and develop a debt repayment plan. Since the business and its shareholders are deemed as separate entities, Trump’s personal assets are not touched when he is declaring bankruptcy through his company. Trump’s biggest sum of debt was in the region of $3 billion.
Bankrupt people you think of might include Michael Jackson, who owed over $500 million on the eve of his death in 2009. Since then however, the Jackson estate has grossed to $2 billion, with his children able to inherit over $100 million.
Unable to pay back his $25 million loan for his Neverland Ranch home he had no other choice but to file for bankruptcy in 2007. Most of the funds were spent on improving his numerous shopping sprees and improvements for his multi million dollar home.
The sixteenth President of the United States was also among the world’s bankrupt people, declaring bankruptcy in 1833.
The President, back in the day, was in $1000 of debt due to losing his business partner and not maintaining any business from his startup. In the 1800’s the protection of bankruptcy was not available, so creditors had the ability to take other assets as and when they pleased.
Another high profile figure in the world of boxing, until his financial troubles caused him to file for bankruptcy in 2003, Mike Tyson’s career went from fame to flop almost overnight.
At his prime, the undisputed champion of the world was everyone’s favourite to win in the 80s and 90s and received critical acclaim for his triumphs. It was in the late 90s to 00s when Tyson suffered his biggest losses from serving jail time and general financial difficulties.
In his boxing days he was worth $300 million; today he’s worth only $1 million.
If your situation is similar to your favourite celebrity – there is hope. With the time, patience and precision put into crafting a safe and manageable repayment plan then you can get yourself out of the red.
Debt Mediators can consult you on many solutions and plans that suit your budget and timeframe, as well as round-the-clock care from our debt experts. Give us a call today to talk about your options.