Are you have some financial trouble? Are you worried or ashamed or embarrassed about the possibility of filing for bankruptcy?

At Clark & Washington, we understand that there are stigmas associated with bankruptcy. We want to debunk these myths.

No one is immune to financial trouble, even celebrities. Read this list of celebrities that have declared bankruptcy and bounced back from it successfully. Life after bankruptcy is very possible, as these celebrities have shown us!

Larry King

After a grand larceny arrest from early on in his career, he was left with $350K in debt. This led to his bankruptcy but now, he has a net worth of $144 million and has experienced immense success.

Willie Nelson

He filed for bankruptcy in 1990 when he was forced to pay $16.7 million back in taxes owed. To bounce back, he released an album titled The IRS Tapes: Who’ll Buy My Memories? He earned all of the money back in just three years because of that album.

Nicholas Cage

Because of gambling and the mismanagement of money, he lost his $150 million net worth but was also in debt $6.3 million. He was able to get back on track by selling some of his ridiculous purchases made over those years.

Mike Tyson

His $400 million bank account was wiped clean due to overspending, drug abuse and friends. He filed for bankruptcy in 2003, but he now has a $1 million net worth due to his new career as an actor.

Kim Basinger

Basinger was forced to pay $8.1 million in damages to film producers in the early 90’s because of a contract. This led to her declaring bankruptcy. Today, her career is flourishing.

Michael Jackson

In 2007, he filed for bankruptcy when he couldn’t pay for the $25 million mortgage on Neverland Ranch. Although he is no longer living, he continues to make money through royalties and Jackson’s estate is worth $600 million.

Perez Hilton

Before he became a famous blogger, Hilton had over $50,000 in credit card debt which led to him filing for bankruptcy in 2005. Right after that, his blog took off and he is now worth an estimated $30 million.

Bankruptcy can be very scary, but as exemplified by these celebrities is is not the end of the world. You too can bounce back from a bankruptcy if you work hard. Contact an attorney for help with a potential bankruptcy so you can come out even better on the other side, just like these celebs did.

Sources

It’s No Biggie: 15 Stars You Never Knew Bounced Back From Bankruptcy