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11 Famous Celebrities in Debt or Near Bankruptcy

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People who are struggling with debt often feel ashamed of their situation, and make the mistake of not asking for financial help. However, being in debt is something that can happen to anyone, even to celebrities who seem to have it all.
If you feel like you have lost control of your finances, you are probably still doing better than those 11 celebrities in debt. Many of them managed to get out of debt, so don’t hesitate to ask for the help you need!

1. Kanye West

On February 13, 2016, Kanye West announced via Twitter that he was $53 million in personal debt, due to the failure of his fashion lines. The rapper is also known for overspending, which probably doesn’t help.

His fans were shocked to learn he was in debt, but fortunately for him, it seems that his wife, Kim Kardashian, has paid off his debt for him. Nowadays, West is no longer one of the celebrities in debt.

 

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2. Charlie Sheen

Charlie Sheen was once the highest paid actor on Network TV, but he is now struggling with major debt. He reportedly owes the IRS approximately $5 million, and he is $12 million in debt, due to drug and alcohol abuse, mortgages, legal fees, and medical expenses.

He had to sell a few of his mansions to help him deal with his money problems.

 

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3. 50 Cent

Rapper and producer 50 Cent filed for bankruptcy on July 13, 2015, while he was reportedly between $10 million and $50 million in debt. About a year later, he was able to pay back his debt and to get his bankruptcy discharged.

His money problems were due to excessive spending, mortgages, and legal fees. Even though he was one of the celebrities in debt, his story proves that it’s always possible to get back on track.

 

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4. Nicolas Cage

Despite his successful career and a total worth of about $150 million, Nicolas Cage had to file for bankruptcy in 2009. Today, the actor is worth approximately $25 million.

He got himself in debt by purchasing a private island in the Bahamas, two castles, many homes, and a few strange things, such as a pet octopus and shrunken heads. No matter what your means are, it’s never a good idea to live beyond them.

 

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5. Toni Braxton

The singer, despite selling 40 million albums worldwide, had to file for bankruptcy in 1998 when she was $5 million in debt. She managed to pay back her debt, but she had to file for bankruptcy again in 2010, this time owing $50 million in debt.

Like many celebrities, she was overspending, mostly on clothing, cosmetics, and jewelry.

 

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6. Chris Tucker

At some point, Chris Tucker owed more than $14 million in back taxes between 2001 and 2010, which was due, according to a representative, to poor accounting and business management.

Fortunately, the actor and stand-up comedian managed to pay back his debt, even though his net worth is now not as impressive as it was in 2001, after he starred in Rush Hour 2.

 

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7. Pamela Anderson

Pamela Anderson has been struggling with major debt due to unpaid taxes, and to housing costs. In 2009, she owed $1.2 million in debt, and she was sued by several contractors who had worked on renovating her home in Malibu, and were demanding to get paid.

The actress, model and activist now has a net worth of approximately $8 million.

 

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8. Mike Tyson

At the height of his boxing career, Mike Tyson was earning $30 million per fight. He lost control of his finances, and his net worth is now approximately $3 million.

He filed for bankruptcy in 2003 for owing more than $13 million to the IRS, and almost $2 million to his former trainers and managers. He was also overspending on homes, cars, clothing, and jewelry.

 

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9. Gary Busey

After acting in more than 150 movies, Gary Busey had to file for bankruptcy in 2012. He was owing between $500,000 to $1 million to the IRS and to many other creditors.

According to a statement made by his manager, his situation was due to unfortunate choices and circumstances. Unfortunately, his debt was higher than his net worth.

 

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10. MC Hammer

MC Hammer rose to fame in 1991 with his single “U Can’t Touch This”, and had a net worth of approximately $33 million. He then started to spend his money on a large mansion, a stretch limousine, and other luxurious expenses.

He had to file for bankruptcy in 1996, as he owed $13.7 million in debt.

 

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11. Aaron Carter

Aaron Carter, the young brother of Nick Carter, gained many fans after opening for the Backstreet Boys in 1997.

In 2013, however, he filed for bankruptcy with more than $3.5 million in debt and only $917 left in his bank account. His net worth is now estimated at -$2 million, as he still hasn’t fully recovered from his financial troubles.