Even the best of us have financial issues during our lives. Celebrity bankruptcies teach us that no matter how much we earn, we should always be careful how we spend our money.
They also show us that although filing for bankruptcy can be painful, life goes on. Celebrities, and the rest of us, can bounce back from bankruptcy and live happy and successful lives.
It may surprise you to learn that one of America’s greatest authors had to declare bankruptcy.
Mark Twain gained widespread acclaim with the publication of the Personal Memoirs of Ulysses S. Grant. Despite this success and the more modest success of The Adventures of Huckleberry Finn, his publishing house had difficulty making money.
The money he did make from his hefty royalty checks, he spent on some unwise investments.
In 1894, at the age of 60, Twain declared bankruptcy and proved that literary genius doesn’t necessarily translate to money skills.
Curtis James Jackson III, known more commonly by his stage name of 50 Cent, a popular hip-hop artist famous for his “Get Rich or Die Tryin’” album, filed for chapter 11 bankruptcy in 2015.
His financial problems came after making bad investments and losing a $7 million lawsuit. However, since filing for bankruptcy, 50 Cent has successfully paid off his debts and returned to his career.
R&B singer Toni Braxton had to file for bankruptcy twice, once in 1998 and again in 2010. Despite the success of her music, Braxton said she received only 33 cents per album. These low royalties, combined with overspending, led to her first bankruptcy.
Braxton’s second bankruptcy came after she had to cancel a self-financed show in Las Vegas due to health issues.
The case of Teresa Giudice shows us what can happen when filing a bankruptcy goes wrong.
Giudice, a Real Housewives of New Jersey star, filed for bankruptcy with her husband in 2009. Afterward, the couple was charged with bankruptcy fraud when creditors found out they had hidden some of their assets.
Giudice and her husband had to serve time, and the bankruptcy case wasn’t settled until 2016.
If you’re having trouble paying your debts, you should talk to a bankruptcy attorney to learn about your options. The Werner Law Group is now the only consumer bankruptcy firm based in Victoria. Bankruptcy consults are always free, so call us today at 361-578-7200. Let us help you make the right choice for you and your family. Leslie can also be reached by text at 361-648-6888 seven days a week.