9 Stars Who've Filed for Bankruptcy
Some of them have even filed twice
By Evann Gastaldo, Newser Staff
Posted Mar 8, 2014 1:35 PM CST
Actress Kim Basinger arrives at the premiere of "Twilight" in Los Angeles on Monday, Nov. 17, 2008.   (AP Photo/Matt Sayles)

(Newser) – Being famous doesn't guarantee you'll never go broke, as these celebrities rounded up by Radar prove. A sampling:

  • Burt Reynolds: He filed for bankruptcy in the 1990s after his divorce; he was $10 million in debt at the time.
  • Toni Braxton: She's declared bankruptcy not once but twice, most recently in 2010.
  • Willie Nelson: He owed the IRS more than $16.7 million when he filed for bankruptcy in 1990.
  • LaToya Jackson: She got into debt thanks to her failed music career, and declared bankruptcy in 1995.

  • Larry King: He filed for bankruptcy in 1978, when he was $350,000 in debt, before making it big on CNN.
  • Cyndi Lauper: After her group disbanded and she was sued by the manager, she filed for bankruptcy in 1981. But then her solo career took off.
  • MC Hammer: He was more than $13.7 million in debt when he filed for bankruptcy in 1996.
  • Donald Trump: Not only has he filed for bankruptcy—he's done so twice, but obviously rebounded both times.
  • Kim Basinger: She had to file for bankruptcy after pulling out of a movie and owing the studio $8.1 million in damages.
Click for the complete list of 18, including one sports star who bounced a check to an escort.

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Mar 9, 2014 6:27 AM CDT
Sure Donald Trump the republican, stiffs his creditors and keeps his millions. The little people get thrown off benefits, while congress raises their pay. The rich go bankrupt and keep the mansion and yacht while the little people go into foreclosure and have to live in the bushes under a tarp. I say keep the wealthy out of government, because they only make laws that benefit themselves.
Mar 8, 2014 4:55 PM CST
I'm not a Donald Trump defender, nor do I like the guy. But I believe he has never personally filed for bankruptcy. It is his companies and corporations that have at times filed for bankruptcy. He has kept a legal separation between his personal finances and the companies that bear his name.