Celebrity bankruptcies

Many New York residents who become overwhelmed by debt decide to file for bankruptcy. Even people who have earned millions of dollars can sometimes find themselves in a financial mess that they need help extricating themselves from. It was recently reported that rapper 50 Cent, who had once been worth about $155 million, filed for Chapter 11 bankruptcy protection in one of the recent celebrity bankruptcies.

There are many other famous entertainers who have had to file for bankruptcy after earning millions of dollars during their careers. When Kim Basinger backed out of the movie ‘Boxing Helena,” she was sued for $8.1 million by Main Line Pictures and ended up filing for bankruptcy because of it. Basinger’s finances are looking better these days, and she is said to worth an estimated $36 million.

Some of the other famous people who have had to file for bankruptcy are MC Hammer, Cyndi Lauper, Meat Loaf and Marvin Gaye. Film director Francis Ford Coppola filed for bankruptcy twice, blaming the movie ‘One From the Heart” for his second bankruptcy filing. Although the movie cost $27 million to make, it earned just $4 million. Curt Schilling, a former major league baseball pitcher, earned $114 million during his career before losing it all when the video game company he founded during his retirement went bust.

Although Chapter 7 bankruptcy is often called liquidation, many people who file are able to keep the majority of their possessions. An attorney may be able to help a person who is filing for bankruptcy to maximize their exemptions and get through the bankruptcy process successfully.