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Mike-Tyson-stressed-over-debt Which Celebs Have Been Hit Hard By Debt?

Debt – for many of us, it’s part of our lives that absolutely consumes us, proving completely frustrating. It’s not just the regular Joe who gets hit by debt, though. Even celebs have found themselves in over their heads with debt. Wondering which ones?

Celebrities in Debt

Michael Jackson: This is one of the most familiar celebrity debt stories thanks to the media coverage of his untimely death. When Michael Jackson died, he had $500 million debt. Sixty-five different creditors came forward to take a piece of the estate when he died, and litigation is still pending with regard to his debts.

Wesley Snipes: Sometimes debt is so overwhelming that it becomes a legal problem, and nowhere is that more true than for Snipes. He spent 2.5 years in a state prison for not paying his taxes. He now owes the IRS $17 million in back taxes, penalties, and interest.

MC Hammer: In 1996, as his record sales hit an all-time low, MC Hammer filed for bankruptcy. He had to pay off his debts by selling his mansion and many of his other personal belongings.

Nicholas Cage: While easily one of the highest paid actors in the business today, Cage has had his share of problems, including tax evasion and a manager who may have filled his own pockets a bit too much. Over the years, he’s had to sell several of his homes and other assets to deal with debt problems.

Brendan Fraser: Thanks to a nasty divorce, Fraser was left with alimony expenses that have financially devastated him. At the end of every month, he ends up owing $87,000.

Kim Basinger: Famous for a number of actions including buying the town of Braselton, Georgia, Basinger had to file bankruptcy in 1993 after she pulled out of a movie contract and got hit for millions in damages. She eventually sold the town she’d bought.

Mike Tyson: Over the years, Tyson has spent, spent, and spent. He claims his managers and promoters have taken their share of his money, but he has claimed more than once that he’s officially broke.

Annie Leibovitz: A celebrity photographer, Annie Leibovitz ended up $24 million in debt thanks to a poor financial advisor. Her spending habits didn’t help, but even today, she’s in a lawsuit for failing to pay back a loan.

Toni Braxton: Despite her gorgeous voice, Braxton has had to file for bankruptcy twice. Some debtors were owed more than $50 million thanks to her poor spending habits.

Lindsay Lohan: Between addiction and debt, it’s hard to decide just how many problems Lohan has had. At one point, Lohan had $233,000 in unpaid taxes, and the IRS has previously had to seize her bank accounts.

Those who make big money have just as much trouble dealing with debt as the rest of us do, but good financial management can always help put you on the right path.

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