Celebrities Who Filed Bankruptcy Don’t have a problem filing!

When financial problems become so overwhelming that you are going backwards or even heading toward homelessness it is time to take action. I often make the case that many of the businesses you and I deal with (airlines, large box stores, etc.) have taken advantage of the Bankruptcy laws to stop hemorrhaging assets on the way to the ash bin. So why do individuals sometimes have an issue about being embarrassed taking advantage of the same laws celebrities use to clear themselves of millions of dollars of debt when they too are drowning in debt? Moreover, most “regular people” (i.e. non-celebrities) are facing paltry sums when compared to the celebrities’ astonishing numbers! Good question to ponder.

So let’s talk about famous individuals. I have some with actual dates – and those dates demonstrate that most celebs have since recovered and are now going strong AFTER their bankruptcy. That is why we have bankruptcy laws – to give people a “do over.”

Here are just a handful of celebrities who took advantage of the U.S. Bankruptcy Laws to put some awful debt in their rear-view mirror and get a new, fresh start:

  • Larry King – CNN Anchor – 1978 Bankruptcy
  • Mike Tyson – Boxer – 2003 Bankruptcy
  • LaToya Jackson – Singer – 1995 Bankruptcy
  • Suge Knight – Death Row Label – 2006 Bankruptcy
  • Willie Nelson – Singer – 1990 Bankruptcy
  • Teresa Giudice – The Real Housewives of New Jersey – 2009
  • Toni Braxton – Singer – 1998 & 2010 Bankruptcies
  • Burt Reynolds – Actor 1996 Bankruptcy
  • Tia Carrere – Actor – 1986 Bankruptcy
  • Tom Petty – Singer – Bankruptcy
  • Meatloaf – Singer – Bankruptcy
  • Ed McMahon – The Tonight Show – Bankruptcy
  • Sarah Ferguson – The original Fergie – Bankruptcy
  • Lenny Dykstra – New York Mets and Philadelphia Phillies – 2010 Bankruptcy
  • Lawrence Taylor – New York Giants – 1998 Bankruptcy
  • Kim Basinger – Actor – 1993 Bankruptcy
  • Gary Coleman – Different Strokes Actor – 1999 Bankruptcy
  • Mindy McCready – Celebrity Rehab star – 1997 Bankruptcy
  • Donald Trump – Mr. Moneybags – TWICE used Bankruptcy
  • MC Hammer – Singer – 1996 Bankruptcy
  • Stephen Baldwin – Actor – 2009 Bankruptcy
  • Cyndi Lauper – Singer – 1981 Bankruptcy
  • Marvin Gaye – Singer – Bankruptcy
  • MC Hammer – Singer – Bankruptcy
  • Natalie Cole – Singer – Bankruptcy
  • Walt Disney – Disneyland – Bankruptcy

While the United States has had some sort of bankruptcy law since 1800, the U.S. Congress established the Bankruptcy Act of 1938 so that PEOPLE who were “underwater” for whatever reason (stock market crash, loss of job, medical bills, foolishness and immaturity, you name it…) would have a legal mechanism to wipe out unsecured debt so as to not end up wards of the state. Better, it was agreed, that individuals (and businesses) could at some point file for bankruptcy and hang on to their STUFF. Hang on to their home, their car, their clothes, their household furnishings, have a phone, electricity, and other utilities – so that they had the basics of life from where they could ‘re-launch.”

People who become homeless have a hard time looking for a job. They have no home, no address, no phone, and very few prospective employers would want to deal with that. If, however, an individual is able to file bankruptcy they can keep their life “intact,” as they get a break, and are allowed to have some or all of their debt erased. They have a place to live, a car to drive and can have some time and space to launch a a “do over.”

The Butler Law Firm PA serves all individuals living in South Florida and residing in Broward County, Palm Beach County, and Miami-Dade County; moreover we have worked for, counseled, or filed bankruptcy for individuals living in the cities of: Aventura, Boca Raton, Boynton Beach, Coconut Creek, Coral Gables, Coral Springs, Cutler Bay, Dania Beach, Davie, Deerfield Beach, Delray Beach, Doral, Fort Lauderdale, Ft Lauderdale, Greenacres, Hallandale, Hialeah, Hollywood, Jupiter, Lantana, Lauderdale Lakes, Lauderhill, Miami, Miami Beach, Miami Gardens, Miami Lakes, Miramar, North Miami, North Miami Beach, Palm Beach Gardens, Palm Springs, Palmetto Bay, Pembroke Pines, Pinecrest, Plantation, Riviera Beach, Royal Palm Beach, Sunny Isles Beach, Sunrise, and West Palm Beach.

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