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There are times we feel burdened by debt and whether bankruptcy is the right course of action. Then we see that bankruptcy can happen to anyone, at any time. Here are a few well-known personalities that filed bankruptcy at some point in the past.
His estimated net worth once reached 300 million but that did not stop Mike Tyson from filing bankruptcy in 2003. Mike Tyson could once boast of owning a pet tiger but since leaving boxing and filing bankruptcy in 2003 it has been a struggle for the former heavy weight champion of the world.
Willie Nelson filed chapter 11 bankruptcy in 1990 after finding out he owed the IRS a reported $17 million. He later sued his accounting firm.
He reportedly spent through $33 million in earnings but M. C. Hammer resorted to personal bankruptcy in 1996 to restart his financial life anew.
Francis Ford Coppola won five academy awards in the 1970's (such as the Godfather movie) but found himself in chapter 11 bankruptcy after a number of movies performed dismally at the box office in the 1980's. He filed bankruptcy in 1990.
Kim Basinger filed bankruptcy in 1993. She backed out of a movie and was later forced to pay $8 million as a result. She sold a town she owned in Georgia as a result.
The loveable Burt Reynolds, who thrilled women and moviegoers for decades filed bankruptcy in 1996.
Don Johnson, former star of Miami Vice, filed bankruptcy in the 2000's and was able to save his ranch in Colorado by doing so.
Sometimes bankruptcy is a course of action to protect your assets too.