Being rich and famous isn’t always as good as it sounds. We investigated an article by Business Insider about celebrities that were broke or filed for bankruptcy at a certain point in their lives. Here are the most notorious ones.
1. Actor Will Smith. Back in 1989 he became suddenly rich after his album with DJ Jazzy Jeff was released. However, he owed the IRS $2.8 million, he was left with not much after paying part of the debt. A year later he landed the role as The Fresh Prince of Bel-Air and within three years he managed to clear up his record.
2. Fighter Mike Tyson. He filed for bankruptcy in 2003. After two decades of boxing he had earned $400 million, however he owed a total of $23 million after a divorce settlement, and taxes fees for IRS and British tax authorities. It took over a decade to gain control over his life again.
3. Actress Kim Basinger. She had a hard time in 1993, she had to file for bankruptcy and was sued by a production company for a breach of contract. The dispute was settled for $3.8 million and she took a three-year break from acting before making a comeback with her role in L.A. Confidential. She’s now worth $36 million.
4. Walt Disney. Everybody knows Walt Disney as a big famous and successful brand. However, it wasn’t always the case. Back in 1922 when Disney and his partner were just starting in business, they got cheated by a distributor and ended up bankrupt. It was until 1928 that Walt debuted Mickey Mouse that things went uphill finally.
5. Abraham Lincoln. It’s hard to picture a president of the United States bankrupt. In 1823, when Lincoln was a young man, he bought a store in Illinois. The business did not go well, and he lost everything he had left. He paid off his debt until the 1840’s and became president in 1861.
If you wish to learn more about bankruptcy please visit us for a free consultation, click here to schedule or send a SMS to 619 648-9652.
Legal advertisement. This is not legal advice.