The Truth from a Maryland and Washington DC Bankruptcy Attorney
It is easy to think that if you had millions in the bank, you would never experience financial trouble again. However, it does not always work out like that. As odd as it may seem, there is a long and well-established history of celebrities who go from rags to riches, only to find themselves back in rags after a series of poor decisions, divorces or bad luck. The cultural and financial elite sometimes need bankruptcy just as much as a normal person.
Celebrities Who Have Declared Bankruptcy
“U Can’t Touch This” was one of the most popular songs of the 90s. MC Hammer had an estimated net worth of over $33 million at the height of his popularity. However, only a few years later, he filed for bankruptcy. Hammer now works as a pastor and ostensibly lives within more modest means.
During the “Diff’rent Strokes” era, Gary Coleman’s total worth amounted to $8 million. However, the show’s cancellation combined with legal and medical troubles left him with only $200,000 to his name before he filed in 1996.
The celebrated folk singer found himself owing the IRS close to $17 million. Whether the debt occurred because of poor accounting practices or just irresponsibility, it forced Nelson to declare bankruptcy in 1990. To this end, he released an album entitled “The IRS Tapes: Who’ll Buy My Memories?” All royalty proceeds from the album were sent to the IRS. Three years later, his tax debt was settled. Since he paid back his debts over a condensed period of time, it was likely that he used a Chapter 13 bankruptcy.
After returning from World War I, Walt Disney founded an animation studio with help from a New York financier. Despite some initial successes, the studio eventually went bust after the financier’s fortunes changed. Walt Disney filed for bankruptcy, bought a bus ticket to Hollywood and the rest is history.
Even Honest Abe had financial troubles. The future 16th president found himself underwater when a business partner died, leaving Lincoln liable to the debts from a failed dry goods store. His remaining assets were taken by his creditors, and he was paying off his debt obligations for a decade afterwards.
Our Maryland and Washington DC Bankruptcy Attorney Can Help
We care about helping normal people and their families out of financial trouble. If you’re struggling under the weight of overwhelming debt, contact our Washington DC and Maryland bankruptcy attorney today. We are prepared to help you find a way to begin your life anew without the burden of debt.