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5 Famous People Who Filed For Bankruptcy

Even the “rich and famous” sometimes find themselves in too deep financially. Here’s a list of famous people who have filed for Bankruptcy:

1 Mike Tyson

Mike Tyson

As one of the best-known boxers in the world, you would think that Mike Tyson would have had it made financially. After all, his fights often broke records for the number of people watching them on pay-per-view. Altogether, the amount of revenue generated by his fights rang in at approximately $300 million. Of course, all of that money didn’t go to Tyson himself. There were a lot of other people that needed to get paid. However, Mike Tyson did get a significant portion of the earnings, which should have made him set for life. As it turns out, however, it didn’t work out that way. Not only did he wind up losing a significant amount of money in his divorce but he also was suspended from boxing after an incident where he bit off the ear of the person he was fighting. Paying child support also tapped into his earnings. Eventually, he wound up broke and filed for bankruptcy.

2 Donald Trump

Donald Trump

Donald Trump’s reputation centers entirely around his ability to earn money. Donald Trump has a carefully crafted image that focuses on him being incredibly rich. As it turns out, however, he has filed for bankruptcy multiple times – four times to be exact. Keep in mind, those bankruptcies were for his business – not for his personal finances. Still, that isn’t a very good track record of success. During the bankruptcies, the options that were on the table where to have the creditors take over his properties or to restructure the debt to make it easier to pay back.

3 Willie Nelson

Willie Nelson

One of the best-known country singers of all time, Willie Nelson got his start writing songs for other artists during the 1960s. It wasn’t until 1970 that he started performing on stage again, becoming the iconic artist that so many people know and love. When the money started to roll in, he decided that he wanted to share his wealth. He was a notoriously huge tipper and had a reputation for giving to others. Unfortunately, over time, that, coupled with bad investment decisions left him facing a huge tax debt. Interestingly, he wound up paying off his debt to the IRS by releasing an album for the sole purpose of raising money for his taxes.

4 MC Hammer

MC Hammer

MC Hammer was one of the biggest stars of the 1980s and 1990s. MC Hammer sold a tremendous number of records and raked in a lot of cash. Unfortunately, he wasn’t as good at managing money as he was at spending it. Not only did he buy expensive properties and toys but he also hired an extensive staff to provide him with services. MC Hammer filed for bankruptcy in 1996. When 1996 rolled around, he was forced to file for Chapter 11 bankruptcy. Although his music career has never taken off again, he has found success in other areas. He is now known for his reality TV appearances and his preaching.

5 George Best

filed for Bankruptcy

Fans of the Manchester United football club are no doubt familiar with the name George Best. He is considered to be one of the leading football players ever to come out of the UK. Unfortunately, he wasn’t cut out for stardom and wound up becoming an alcoholic. This eventually forced him into bankruptcy. Sadly, Best passed away at the relatively young age of 59 as a result of his addiction.

 5 Famous People Who Filed For Bankruptcy

#1 Mike Tyson
#2 Donald Trump
#3 Willie Nelson
#4 MC Hammer
#5 George Best
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