Celebrities

Why is it not expected for celebrities to go bankrupt? Is it  because of the seemingly never-ending flow of money that comes in staggering amounts? Is it the vast talent and skills that they possess that assure them of a continuous money-making mechanism? Or is it because they have the look of affluence and richness so attached to them that it  is simply difficult to imagine them otherwise or worse, going bankrupt.

A lot of celebrities have found themselves going from riches to rags. Several are still in the difficult phase of recovery. There were others who chose to consult with a Chapter 13 Bankruptcy Attorney and were advised to file for bankruptcy. There are some people who are more suited to file for the Chapter 7 Bankruptcy. It is necessary to get the best advice from experts when a person is in such a difficult financial situation. Celebrities going bankrupt is a wake-up call that getting big money will be able to protect us from bankruptcy.

Here are the Top 3 Celebrities Least Expected to Go Bankrupt but did:

Kim Basinger

If someone purchased a town to develop it into an entertainment attraction, would people expect that person to go bankrupt anytime soon? Probably not but that is exactly what happened to actress Kim Basinger. When she purchased the small town of Braselton for $20 million, no one was expecting her to file for bankruptcy. No, it wasn’t the buying of the town that did her in but the paying of damages required of her after she backed out from doing the film “Boxing Helena”.

Mike Tyson

If people were to base the probability of bankruptcy on the huge ring earnings of Mike Tyson, the percentage will be quite small. However, those incredibly large earnings proved no match to his unbridled extravagance. Even when broke, he says that he does not regret losing money because he had fun.

Mark Twain

If people were again to guess the probability to go bankrupt on Mark Twain‘s creative genius and money-making capabilities, the percentage will likewise be nil. Bad investments and equally bad money management habits brought him to bankruptcy. What is notable about his case is that he was able to pay all his debts eventually even after he was relieved of such responsibility when he filed for bankruptcy.

This just goes to show that anyone can go bankrupt, including celebrities. The positive side here is that they have also proven that there is life after bankruptcy. However, hard lessons have admittedly been learned.