Famous People Who Have Filed For Bankruptcy

Well-known actors and entertainers, as well as authors and sports greats, all earn seemingly unthinkable incomes. Lottery winners have won fortunes. Yet even famous people file for bankruptcy protection. It may be surprising to discover whom.

Actors and Producers


Willie Ames, Sinbad (David Atkins), Kim Basinger, Gary Busey, Gary Coleman, Cathy Lee Crosby, Burt and Debbie Reynolds, and Mickey Rooney have all declared bankruptcy. Several producers, who, considering the success of their productions, have surprisingly run into financial trouble, including Gary Kurtz (Star Wars) and Harry Saltzman (James Bond).

Businessmen & Politicians

Business greats such as Donald Trump, Walt Disney, William Fox of 20th century Fox Films, Milton Hershey of the famous chocolate company he founded, and Penthouse magazine founder and publisher Bob Guccione all had monetary issues requiring bankruptcy declaration. In the 1990s, the then Arizona Governor J. Fife Symington declared bankruptcy while still in office! Even US presidents are not immune, as shown by Ulysses S. Grant, another bankruptcy filer.

Entertainers

All kinds of entertainers, past and present, have had financial difficulties, including: Toni Braxton Anita Bryant Natalie Cole Mick Fleetwood Marvin Gaye Andy Gibb Merle Haggard M.C. Hammer Isaac Hayes Sherman Hemsley Ron Isley La Toya Jackson Don Johnson Kasey Jones Chaka Kahn Kerry Katona Larry King Cyndi Lauper Meat Loaf Ashley MacIsaac Mindy McCready Willie Nelson Wayne Newton Johnny Paycheck Tom Petty Anna Nicole Smith Dick Smothers Tammy Wynette

Sports Stars

They may be the best at what they do, but Lenny Dykstra (baseball), Dorothy Hamill (figure skating), Eddy Edwards (ski jumping), Randy Johnson (football), Mike Tyson (boxing) and Michael Vick (football) have all declared bankruptcy.

Other Notable People

Miss America Elizabeth Ward Gracen, Survivor star Keith Famie, and even Mark Twain (Samuel Clemens) have had debt issues requiring bankruptcy intervention. Large lottery winners, such as Robert Harris, who won $275 million and Joanne Lopes and Jorge Lopes, who won 110.3 million, are not immune, either. All declared bankruptcy, and Robert Harris declared it twice!

All of these famous people have or had good incomes. This seems to indicate that an individual's net worth has little to do with the ability to manage personal finances. With so many famous people declaring bankruptcy, the stigma of shame surrounding it is lifting. After all, if millionaires, or once millionaires, use bankruptcy to get their lives back in order, there is nothing wrong with the average person following their example.

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