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Hollywood Bankruptcy

Bankruptcy Can Happen to Anyone

Do you think that you are the only person that is considering bankruptcy as a viable option? Well, you are definitely not alone. As a start, try Burt Reynolds, Thomas Jefferson, Kim Basinger, Gary Coleman, and then there is MC Hammer! This is just the short list of famous filers of bankruptcy. It brings us some sort of pleasure to hear of their tales on E! News. Then we try and contemplate how people with such fortunes can find themselves cornered and in debt!

Kim Basinger Files Bankruptcy

Let us start with Kim Basinger. She decided that the right thing to do for herself was to buy the town of Braselton, Georgia. Bought it for a bargain at just $20 million, which just happened to be around the same time she decided to bail out of making the movie Boxing Helena. Well, even though she had good intentions in these career moves, financially, she wound up in trouble. She was sued for breach of contract because of the movie fallout, and ended up filing bankruptcy and selling her town. What it shows is that no one is too high up the ladder to consider bankruptcy. You are not alone.

Mike Tyson Files Bankruptcy

And then there is everyone's favorite boxer, Iron Mike Tyson. What could cause his bankruptcy filing? Could it be his pet tigers that cost him $8000? Well, the tigers are the least of his problems. The lifestyle that he chose demanded over $400,000 a month!

Debbie Reynolds Files Bankruptcy

Moving on to Debbie Reynolds. The root of her bankruptcy filing was the Debbie Reynolds Hotel and Casino she decided to open in Las Vegas. This was to be an extravagant place for her to show off her collection of extraordinary movie memorabilia. As it turns out, the casino flopped horribly, and bankruptcy quickly followed as Cleopatra's Headdress was doomed for storage!

Michael Jackson Files Bankruptcy

Probably the main culprit to these celebrity bankruptcies are spending sprees. Michael Jackson probably leads the list in this category. Included in his $200,000 monthly bill are his ten Sony AIBO Robot Dogs at $5000 each. All this resulting in the King of Pop shopping $6 million away on his TV documentary Living with Michael Jackson!

Is there a Common Thread With Bankruptcies?

Playing with robots, raising tigers, and owning towns: while the details are different, they do all have a common thread. This is explained in a New York Times article where the director of the movie “PhatBeach” sired, "When you make money in this town it's very fast, and it feels like it's never going to end," said Mr. Ellin. "I've done it myself. I've been the idiot who was spending money and then thought, ‘Wow, I haven't had a job in two years.'"

Contact Us About Hollywood Bankruptcy

So what should we learn from this? The point is that some point in everyone's life they need some help. And considering bankruptcy is a viable option even for the "rich" and famous. Contact us by filling out the free bankruptcy evaluation and an experienced lawyer will be happy to review the details of your cases. Even if your zip code isn't 90210!

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