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50 Cent, whose real name is Curtis Jackson, filed for bankruptcy in July 2015. Documents filed in the Connecticut Bankruptcy Court showed that Jackson had assets of $10 million to $50 Million, but his debt was in about the same range. Although the exact reasons aren’t known for why he filed for bankruptcy, it came a few days after a jury ruled that Jackson must pay $5 million to a woman suing over a sex tape that was posted without her permission, according to the Associated Press.
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It’s really hard to believe a top earning actor could ever end up broke. And despite making $40 million a year, by 2009 Cage owed $13 million in back taxes. What’s worse is that he managed to blow through $100 million dollars, causing him to have to sell some of his 15 homes, four yachts, a private island and a private jet just to be able to pay off his tax debt.
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The heavyweight champ has made over $400 million his 20 years as a professional boxer, yet he managed to lose it all. Mike Tyson filed for bankruptcy in the US in 2003. Tyson is believed to have squandered his fortune on jewellery, mansions, cars, limousines, mobile phones, parties, clothing, and motorcycles, Of his debt Tyson told the court in an affidavit, ”I have been in financial distress since 1998 when I was burdened with substantial debt to Showtime, taxing authorities and parties to litigation. Since that time, although my fight income, various asset sales and litigation recoveries have enabled me to pay a lot of my debt, I am still unable to pay my bills.” Maybe, he could have bought a couple of fewer tigers.
When Cyndie Lauper was young she worked for a New York-based rock band called Blue Angel. When she left the band, she filed for bankruptcy before landing herself a deal with CBS label Portrait. She went on to release a top-selling album called “She’s So Unusual.” Lauper is now busy with her broadway hit show called “Kinky Boots. I guess this lucky girl won’t be in debt anytime soon.
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Tom Petty filed for bankruptcy after being embattled in a bitter contractual debate with MCA Records. He filed for bankruptcy in an effort to avoid the record industry’s notorious use of creative accounting that left so many recording artists broke. Petty said he would not be “bought and sold like a piece of meat” and wouldn’t allow his next album to be released. Eventually, the label let Petty out of his pre-existing contract and signed him a much better deal.
The Oscar winner went bust when his expenses outweighed his earnings, causing Gary Busey to file for bankruptcy in 2012.
Kim Basinger found herself in trouble after breaching an oral agreement with Main Line Pictures to star in the film “Boxing Helena and was ordered to pay $7.4 million to the film company. She was unable to come up with the cash and had to file for bankruptcy.
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The “Too Legit to Quit” rapper’s rise was as meteoric as his fall. With more than $10 million in debt and only $1 million in assets, the Oakland, Calif.-based rapper was known for his extravagant lifestyle and large entourage.
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Althugh Burt Reynolds has been both in foreclosure and bankruptcy in the past he insists that he isn’t broke and told “Entertinment Tonight, “I want everyone to know that contrary to what all the news outlets are saying, I am not broke.”
Although Wayne Newton, held a 50 percent stake in the Alladin Hotel, he was forced into bankruptcy. His attorney said, “He invested in the 1980s in what in hindsight were unwise investments. They depreciated in value, and now he is unable to generate the cash flow needed to sustain them. It all basically has collapsed.”
The supermodel found herself in more than $1 million in debt. Janice apparently felt terrible about it and said, “I am upset and taking every step to pay everyone back and I feel terrible about it.”
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Dioanne Warwick filed for bankruptcy in 2013, after a 15-year battle with the IRS. She was unable to pay more than $10 million in back taxes. She blames it on bad dealings from her business manager.