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Why Do Celebrities File Bankruptcy?

Most of us tend to think that the only people who have money problems are those of us with lower paying jobs. But the truth is people from all walks of life experience financial pitfalls, and need help getting back on track from time to time. It might be that you have just gone through a divorce, and it took not only an emotional toll but also left you financially bereft. If that is the case, then filing for bankruptcy can help sort out your bills and make repayment more manageable. When you do that, you can also alleviate some of the emotional baggage you may be carrying around from having to have ended a marriage. Or, your case may involve an unexpected medical crisis, which leads to a large hospital or doctor bill balance. That type of event is not uncommon, and can happen to anyone. So you see, all sorts of things happen to all sorts of people, and the need to file bankruptcy can arise at any time. In fact, the need to file for bankruptcy relief is even something that some celebrities have dealt with in their past.

A quick list of celebrities and other famous people who have filed for bankruptcy include:

• 1980’s pop singer Cyndi Lauper.
• 90’s rap star MC Hammer.
• Boxing champ Mike Tyson.
• Movie director Francis Ford Coppola.
• Actress Kim Baysinger.
• Former major league pitcher Curt Schilling.

The reasons for these filings are likely just as varied as why you need to file vs. why your next-door neighbor may need to file a case. Mismanagement of money, and at a young age, is a leading cause of bankruptcy and might have attributed to some of these celebrity filings. Or a bad investment might be the reason a star had to file bankruptcy or maybe even something as ordinary as a divorce or child custody battle played a role. The bottom line is we don’t know why someone else needed to file a bankruptcy case, but certainly know our own needs. If you are not able to make ends meet, or are struggling to do so and just barely keeping your head above water, it is probably time to think about filing.

For more information about Chapter 7 and Chapter13 bankruptcy cases, and to find out what you can keep and what you have to give back if you file a case, contact us at www.DsouzaLegalGroup.com.

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