Celebrities are not immune from falling behind on paying their debts. One of the most recent examples involves Lil' Kim, who has accumulated over $1.47 million in back taxes.
However, Lil' Kim is far from alone. Here are other famous people throughout the years who needed to file for bankruptcy to protect their homes and assets:
One of the most noteworthy cases of a celebrity losing it all is MC Hammer. He was worth millions of dollars after he released "Please Hammer Don't Hurt 'Em," which contained his most recognizable single "U Can't Touch This." Hammer filed for bankruptcy in 1996, and later in an interview with Oprah, he said he fell into debt due to employing around 200 people in his community.
In 1993, Basinger was at the height of her fame, becoming a household name due to roles in Batman, The Real McCoy and Wayne's World 2. This was also the year Main Line Pictures sued her for backing out of a film. This breach of contract resulted in her having to pay $8.1 million to the studio.
Many people found it surprising in 2015 when 50 Cent filed for bankruptcy. His lawyers said the reason for filing was to allow Curtis Jackson III to reorganize his assets and to address certain professional liabilities.
Francis Ford Coppola
Francis Ford Coppola is famous for directing "The Godfather" trilogy and "Apocalypse Now." In 1992, he filed for bankruptcy for the second time. In this instance, he fell into severe debt due to financing "One From the Heart" for $27 million, but the film only grossed $4 million.
Curt Schilling made over $100 million as his time as a pitcher for the Philadelphia Phillies and the Arizona Diamondbacks. After he retired, he sunk a good chunk of his fortune into a video game company. When the company filed for bankruptcy in 2012, he also found himself with a lot of debt and ended up selling much of his MLB memorabilia.
"Disclaimer - Attorney Advertising. Under Federal Law, we have been designated a Debt Relief Agency and we help people file for bankruptcy relief under the Bankruptcy Code. This information is not intended as legal advice and no attorney-client relationship is created. Results may vary. Results not guaranteed. Dramatization - not actual clients in pictures and videos. Thomas C. McBride, attorney in Alexandria, LA."