While regular, hard-working Americans often struggle with their finances, it is harder to sympathize with celebrities who lose large amounts of wealth.
Celebrities often have loads of cash, so their financial difficulties provide cautionary tales about the dangers of excess spending and poor money management.
In fact, dissecting a celebrity bankruptcy may help non-celebrities make better financial decisions.
The list of celebrities who have gone broke reads like a "who's who" list of famous Americans. Here is a laundry list of celebrities who have lost their riches:
While the list of celebrities who have filed bankruptcy is a striking example of the dangers of excess spending, it also reveals the potential healing effects of bankruptcy.
Figures such as Disney, Nelson, and Twain all went on to have successful careers after discharging their debts by filing bankruptcy.
While each situation is different, some common themes run through celebrity bankruptcies. Common characteristics of celebrities who went broke include:
In an economy that depends on the easy availability of credit, making financial mistakes that create huge amounts of debt is easier than it has ever been. Fortunately, though, bankruptcy is also designed for people who haven't appeared on the cover of People.
If you are struggling with debt, you may be able to discharge some or all of your debts through personal bankruptcy.
To speak with a local bankruptcy lawyer for a free consultation, simply fill out the brief form below.