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9 Celebrities Who Have Filed For Bankruptcy

The Office Michael Scott bankruptcy

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Just because you’re a famous person who makes millions of dollars at your craft doesn’t mean you’re set for the rest of your life without the risk of financial issues. Like they say, mo’ money, mo’ problems. That’s why we’ve witness so many celebrities over the years fall on hard times, many of them going so far as to file bankruptcy, and not in the hilarious Michael Scott way either.

The latest celebrity to join the bankruptcy club is The Fosters actress Teri Polo, who is reportedly $1 million in debt. She’s far from the first. Here are nine more celebrities you might not have known (and will probably be surprised) have filed for bankruptcy.

1. Kim Basinger

Kim Basinger Grudge Match screening December 2013

(Photo: Dennis Van Tine/Future Image/WENN.com)

In 1993 Kim Basinger filed for bankruptcy after losing an $8 million breach-of-contract lawsuit for backing out of the movie Boxing Helena. Because of her money troubles, she had to sell her $20 million investment in the town of Braselton, Georgia. In case you forgot that Kim Basinger bought a town.

2. Aaron Carter

Aaron Carter New York toy drive December 2011

(Photo: Ivan Nikolov/WENN.com)

Last November Aaron Carter filed for bankruptcy, and according to TMZ, he owed over $1 million to the IRS. The sad part is that he listed his dog among his assets with a value of zero. His rep claimed much of the debt was from the part of his career where he was a minor not in charge of his finances.

3. Burt Reynolds

Burt Reynolds signing April 2011

(Photo: C.M. Wiggins/WENN.com)

In 1996, due to a bad divorce from Loni Anderson and failed investments in a restaurant chain, the world’s most famous mustache-haver filed for Chapter 11. He’s had more money troubles in recent years, with his home going into foreclosure in 2011.

4. Mike Tyson

Mike Tyson Golden Globes January 2014

(Photo: WENN.com)

Mike Tyson filed in 2003, owing millions to the IRS and in a divorce settlement. His debt added up to $27 million. He hasn’t exactly had the most run-of-the-mill career otherwise, either, what with the ear-biting and the rape conviction and the face tattoo.

5. Teresa Guidice

Teresa Giudice and Joe Giudice New Jersey court March 2014

(Photo: Joel Ginsburg/WENN.com)

Real Housewives of New Jersey star Teresa and her husband Joe recently plead guilty to fraud. Before that came bankruptcy in 2009. It was filing for bankruptcy that led to inconsistencies being found in the couple’s financial documents. So bad stuff just led to more bad stuff for these two.

6. Willie Nelson

Willie Nelson performing June 2013

(Photo: Rob Rich/WENN.com)

in 1990 Willie Nelson filed for bankruptcy. He owed over $16 million to the IRS. To help pay off the debt, Willie released an album called The IRS Tapes: Who’ll Buy My Memories? All the proceeds went to the IRS. Well that’s an interesting method…

7. Toni Braxton

Toni Braxton post Grammys award celebration January 2014

(Photo: Winston Burris/WENN.com)

Toni Braxton has filed for bankruptcy twice. The first time was in 1998, and the second time was in 2010. The second time she claimed her financial problems were worsened by her heart condition. Then in 2012 she was accused of bankruptcy fraud. She might as well make “bankruptcy” her middle name at this point.

8. Drake Bell

Drake Bell Kids Choice Awards March 2014

(Photo: Adriana M. Barraza/WENN.com)

Drake filed for bankruptcy in February of this year, reportedly owing $1.597 million. He apparently only made $14,099 in 2013.

9. Donald Trump Donald Trump New York County Republican Committee Annual Lincoln Day Dinner February 2014

(Photo: Dennis Van Tine/Future Image/WENN.com)

That’s right. Even Mr. I’m Super Rich Look How Rich I Am has filed for bankruptcy. Multiple times. It hasn’t been personal bankruptcy, but rather corporate bankruptcy for his companies. And it’s happened four times now.

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  • Elizabeth Aspen

    I can see how going from having zero to having it all can be really seductive, but one of the problems is these celebrities have way too much money that they just don’t know what to do with. Jennifer Aniston is a perfect example – she built her dream home for $13 million, then a year later said she needed to “simplify” her life, so she bought an $8 million penthouse instead. Gives that up after less than a year and buys a $10 million house in Beverly Hills. Good lord. Someone needs a lesson in what “simplify” means. I understand why a lot of these people feel they need huge homes – because of paparazzi a lot of them can’t go outside and just lead normal lives so they really NEED that bowling alley in the basement and that baseball diamond in the back yard. Fine. Just pay for it free and clear and you won’t go into foreclosure! Then when you really need money, you sell it and get a smaller house. They insist on carrying mortgages when they can afford not to. I couldn’t believe Nick Cannon actually said he and Mariah have ten mortgages they pay on multi-million dollar homes every month. Why? Aside from the fact that no one on earth should own even a second home until everyone has a first one – let alone ten – she’s got $500 mil in the bank! Pay them off already. Really that simple, and in the long run, you don’t end up embarrassing yourself through filing bankruptcy and hawking stinky perfume to the public and losing credibility as an artist.

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