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Bankruptcy and celebrities

Debt is not partial to any particular group of people. No matter where you come from or where you have been, you might find yourself in a financially poor situation.

Seems the latest celebrity to join the ranks is Lisa Marie Presley, who once had claim to a $100 million fortune. Her fortune is now allegedly down to $14,000. Her claim to becoming "fortuneless" is being blamed on her former business manager acting in his own best interest instead of hers. However, per a lawsuit filed against Presley, she was apprised of where her money was being spent.

Nicholas Cage also claimed his business manager mismanaged his wealth in 2009. He filed a lawsuit for $20 million and was countersued by his manager, who blamed it on the actor's spending. Fortunately, they came to resolution before trial.

Curtis Jackson, the rapper known as "50 cents," is another celebrity who ended up with money problems. His wealth at one time was close to a half a billion dollars. In 2015, he filed a Chapter 11 bankruptcy to organize his debts of $36 million. After paying about $23 million back, his bankruptcy was discharged.

Curt Shilling, a former pitcher for the Boston Red Sox, filed bankruptcy in 2012. He lost $50 million as well as a video game company. He took full responsibility for his losses, stating, "I brought this on myself."

Other stars or celebrities who ended up with serious debt or losses include Johnny Depp, Willie Nelson, Prince, Mike Tyson and MC Hammer.

Many people go through serious anxiety and depression when their debts or losses are substantial, blaming themselves. These celebrities and many more show the reality that financial issues are not limited to the rich or the poor.

If you are living in the world of collections calls and debt overload, contact a bankruptcy attorney and see what your options are. There are recovery methods available, and it is not a disgrace to find yourself in such a situation -- and you don't have to stay there.

Source: USA Today, "Lisa Marie Presley joins list of celebrities who’ve lost nearly everything," Ashley May, Feb. 27, 2018

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