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Posted by: Maricopa Lawyers on Nov 10, 2015

Some people think that reaching celebrity status means your money problems are over forever. While this certainly can be true for many celebrities, there are others who still run into problems and end up declaring bankruptcy. Here are some of the biggest celebrities with the biggest debts owed throughout recent history.

Michael Jackson

The King of Pop was recognized as the most successful entertainer of all time by the Guinness Book of World Records. Even still, Jackson ran into money problems. In 2007, Jackson filed for bankruptcy after defaulting on a $25 million home loan taken on Neverland Ranch. Purchased back in 1988 for $17 million, the home reportedly cost more than $10 million annually to maintain. Jackson was also well-known for his extravagant shopping sprees.

Donald Trump

While the Donald has never claimed a personal bankruptcy, his different corporate entities have filed for bankruptcy four times in the past 25 years. While in the corporate world, it’s called “debt restructuring,” the fact remains that the Don’s business ventures have needed financial assistance at some point.

50 Cent

Curtis “50 Cent” Jackson was a true rags to riches story, advancing from drug dealer to a hip-hop act that has sold nearly 30 million albums worldwide. It was once estimated that 50 Cent was worth nearly half a billion dollars before things started to crumble. Reckless behavior and a lawsuit filed by a woman named Lastonia Leviston, which cost $7 million led to 50 Cent’s financial demise. Total debts at the time of his filing were over $32 million.

Mike Tyson

“Iron Mike” Tyson was revered as one of the top athletes of the 80s and 90s, when he was a force to be reckoned with in the boxing ring. Tyson was the youngest heavyweight champion in history, amassing a fortune of over $300 million during his career. The underside of the story is that Tyson has also been arrested 38 times in his life. Legal troubles and his declining boxing career landed Tyson in bankruptcy court. Iron Mike’s debts totaled over $20 million, including a reported $13 million owed in back taxes.

Even the biggest stars are not immune to money troubles. If you’re concerned about growing debts and are considering bankruptcy as a solution, speak to an experienced attorney today about the options available to you and if bankruptcy is the wisest choice.