Hollywood Actors Who Filed For Bankruptcy

Hollywood fame often comes with significant fortune but maintaining that wealth proves difficult for many stars. Financial mismanagement and lavish spending habits can lead even the most successful actors down a path to insolvency. Divorce settlements and tax issues frequently contribute to the sudden loss of millions. This list explores the male celebrities who faced financial ruin and legally filed for bankruptcy protection.

Mickey Rooney

This legendary actor delighted audiences for decades but struggled significantly with his finances behind the scenes. Rooney filed for bankruptcy in 1996 despite a career that spanned nearly the entire history of cinema. He cited debts to the IRS and medical bills as primary reasons for his financial collapse. His trusting nature allegedly allowed managers and family members to mishandle his earnings over the years.

Burt Reynolds

Reynolds was the biggest movie star in the world during the late seventies thanks to hits like ‘Smokey and the Bandit’. A costly divorce from Loni Anderson and failed restaurant investments drained his substantial bank account. He filed for Chapter 11 bankruptcy in 1996 with millions of dollars in debt. Reynolds worked tirelessly in his later years to pay off creditors and rebuild his financial standing.

Gary Busey

The star of ‘The Buddy Holly Story’ faced a long road of medical and financial hardships. Busey filed for Chapter 7 bankruptcy in 2012 with liabilities that far outweighed his assets. He listed debts to the IRS and various lawyers among his financial obligations. His career volatility and health issues contributed to the gradual depletion of his wealth.

Stephen Baldwin

The youngest Baldwin brother found himself in financial trouble after purchasing a property he could not afford. He filed for Chapter 11 bankruptcy protection in 2009 while facing foreclosure on his New York home. The actor owed a significant amount in taxes and mortgages that his income could no longer support. He eventually transitioned into reality television and religious speaking to stabilize his finances.

Randy Quaid

Quaid is known for his roles in ‘National Lampoon’s Vacation’ and ‘Independence Day’ but faced severe legal and financial turmoil. He filed for bankruptcy in 2000 due to a film financing deal that went wrong. Later years saw him fleeing to Canada and claiming a conspiracy was out to ruin him financially. His erratic behavior often overshadowed his earlier box office success.

Don Johnson

The ‘Miami Vice’ star defined cool in the eighties but faced hot water with his finances later in life. Johnson filed for bankruptcy protection in 2004 to save his Colorado ranch from auction. He managed to reorganize his debts and eventually paid them off in full. His successful return to television in later years helped him regain financial stability.

Lorenzo Lamas

Lamas became a household name through television hits like ‘Falcon Crest’ and ‘Renegade’. He filed for bankruptcy twice with the most recent filing occurring in 2014. The actor cited a lack of work and significant debts related to taxes and spousal support. He has since worked various jobs including a stint as a helicopter pilot to make ends meet.

David Cassidy

The ‘Partridge Family’ heartthrob experienced the highs of teen idolatry and the lows of financial ruin. Cassidy filed for Chapter 11 bankruptcy in 2015 after battling health issues and divorce settlements. He was forced to auction off his Florida home to satisfy creditors. His final years were marked by a struggle to manage the remnants of his once vast fortune.

Gary Coleman

Coleman was one of the highest paid child actors in television history during his time on ‘Diff’rent Strokes’. He filed for bankruptcy in 1999 after suing his parents and manager for misappropriation of his funds. The settlement he won was largely consumed by legal fees and poor investment returns. He spent his adult life working odd jobs including a stint as a security guard.

Corey Haim

This eighties icon starred in ‘The Lost Boys’ but struggled to transition into adult roles. Haim filed for Chapter 11 bankruptcy in 1997 following years of substance abuse and limited acting work. His financial troubles were frequently documented in reality television shows later in his life. He passed away without ever fully regaining the wealth he held as a teenager.

Dustin Diamond

Diamond played the character Screech on ‘Saved by the Bell’ for over a decade. He filed for bankruptcy in 2001 claiming that his parents had spent most of his earnings. The actor faced foreclosure on his home and took extreme measures to generate income. His post-sitcom life was defined by legal troubles and financial instability.

Drake Bell

The ‘Drake & Josh’ star enjoyed immense popularity on Nickelodeon before facing adult financial realities. Bell filed for bankruptcy in 2014 claiming to be nearly six hundred thousand dollars in debt. His filing revealed that his monthly expenses far exceeded his income at the time. The actor has since focused on his music and voice acting career to rebuild.

Joey Lawrence

Lawrence is known for his roles in ‘Blossom’ and ‘Melissa & Joey’. He filed for Chapter 7 bankruptcy in 2017 after his spending outpaced his earnings. The filing revealed he had sold clothes and furniture to help keep his finances afloat. He has continued to work in television movies and series to recover financially.

Sinbad

The comedian and actor appeared in several nineties comedy hits like ‘Jingle All the Way’. Sinbad filed for bankruptcy twice with the second filing occurring in 2013. He owed millions in back taxes to the IRS which constituted the majority of his debt. He has spoken openly about the dangers of overspending and ignoring tax obligations.

Michael Madsen

Madsen is a regular in Quentin Tarantino films like ‘Reservoir Dogs’ but has faced personal financial crises. He filed for bankruptcy in 2009 with debts stretching over a million dollars. The actor cited loans from fellow industry figures and tax obligations in his filing. He continues to act prolifically in both major and independent films.

Gary Dourdan

The ‘CSI’ star faced a sharp decline in fortune after leaving the hit television show. Dourdan filed for bankruptcy in 2012 to halt the foreclosure of his home. His financial woes were compounded by legal issues and a drop in high paying roles. The filing showed his monthly disposable income was practically nonexistent.

Tom Sizemore

Sizemore is known for intense roles in war films like ‘Saving Private Ryan’. He filed for bankruptcy in 2011 amidst battles with substance abuse and legal problems. The actor owed significant amounts to the IRS and various creditors. He worked consistently in lower budget films in an effort to manage his debts.

Willie Aames

Aames gained fame as Buddy Lembeck on ‘Charles in Charge’ but hit rock bottom financially. He filed for bankruptcy in 2008 after his acting career stalled and investments failed. The actor famously held a garage sale to part with his possessions and later worked on a cruise ship. He eventually rebuilt his life as a financial advisor and director.

Leif Garrett

Garrett was a massive teen idol in the seventies who faced a difficult adulthood. He filed for bankruptcy in 2001 with debts that included credit card bills and back rent. His financial struggles were closely tied to his long battle with substance abuse. The singer and actor has appeared in reality shows to discuss his rise and fall.

Todd Bridges

Bridges starred alongside Gary Coleman in ‘Diff’rent Strokes’ and faced similar financial hurdles. He filed for bankruptcy in 1993 after years of legal battles and addiction issues. The actor turned his life around and became a vocal advocate for sobriety. He managed to stabilize his career with voice work and television appearances.

Sherman Hemsley

The man who played George Jefferson on ‘The Jeffersons’ faced financial trouble despite his show’s success. Hemsley filed for bankruptcy in 1999 to reorganize his debts and manage tax liabilities. He claimed a loan he made to a business partner was never repaid which caused a cash flow crisis. The actor continued to work in theater and television guest spots until his death.

Robert Blake

Blake was an acclaimed actor known for ‘Baretta’ before becoming the center of a high profile murder trial. He filed for bankruptcy in 2006 due to the massive legal fees incurred during his defense. Although he was acquitted of criminal charges a civil court found him liable. The resulting judgment completely wiped out his personal fortune.

Richard Hatch

Hatch was the original star of ‘Battlestar Galactica’ and later appeared in the reboot. He filed for bankruptcy in 2003 after losing his home to foreclosure. His financial issues stemmed partly from a failed attempt to revive the sci-fi franchise on his own. He eventually found steady work on the new series and convention circuit.

Wayne Newton

Mr. Las Vegas is one of the highest grossing entertainers in history but still faced insolvency. Newton filed for Chapter 11 reorganization in 1992 claiming twenty million dollars in debt. His financial trouble was linked to a defamation lawsuit and bad investments. He successfully emerged from bankruptcy and continued his lucrative residency.

Jerry Lewis

The comedy legend was the highest paid star in Hollywood during the fifties. Lewis filed for bankruptcy in the early eighties after a chain of movie theaters he invested in failed. The business venture collapse left him liable for millions in leases and loans. He rebuilt his wealth through telethons and a return to Broadway.

Larry King

Before he became a legendary talk show host Larry King was a radio announcer with bad spending habits. He filed for bankruptcy in 1978 claiming over three hundred thousand dollars in debt. His financial turnaround began shortly after when he landed his national radio show. King became a prime example of how one can recover from total insolvency.

Meat Loaf

The singer and actor appeared in ‘The Rocky Horror Picture Show’ and ‘Fight Club’. He filed for bankruptcy in 1983 after a lawsuit and the commercial failure of his second album. His career was revitalized in the nineties with a massive hit album. He managed to regain his fortune and acted in films until his passing.

Isaac Hayes

Hayes was a musical icon and the voice of Chef on ‘South Park’. He filed for bankruptcy in 1976 after his record label Stax Records collapsed. The loss of royalties and lavish spending left him with massive debts. He worked his way back to solvency through acting and voice over work.

50 Cent

Curtis Jackson starred in the semi-biographical film ‘Get Rich or Die Tryin”. He filed for Chapter 11 bankruptcy in 2015 despite his image as a business mogul. The filing was a strategic move to manage payments resulting from a lost lawsuit. He reorganized his finances and paid off over twenty million dollars in debt.

Mike Tyson

Tyson appeared in ‘The Hangover’ films playing a fictionalized version of himself. He filed for bankruptcy in 2003 after squandering a fortune estimated at three hundred million dollars. His lavish lifestyle included pet tigers and an entourage that drained his accounts. He has since rebuilt a modest fortune through acting and business ventures.

MC Hammer

Hammer acted in the film ‘One Tough Bastard’ and had his own cartoon series. He filed for bankruptcy in 1996 with debts totaling nearly fourteen million dollars. His rapid fall from grace was attributed to an immense payroll and a massive estate. He later reinvented himself as a tech investor and minister.

Aaron Carter

The pop singer and actor appeared in shows like ‘Lizzie McGuire’ and ‘7th Heaven’. He filed for bankruptcy in 2013 with over two million dollars in debt mostly owed to the IRS. Carter claimed his parents mismanaged his money while he was a minor. He spent his adult years attempting to revitalize his music career.

DMX

The rapper starred in action films like ‘Cradle 2 the Grave’ and ‘Exit Wounds’. He filed for bankruptcy three times with the final filing occurring in 2016. His financial issues were compounded by child support payments and tax evasion charges. The filing was eventually dismissed by the court for administrative reasons.

Casper Van Dien

Van Dien is best known for his role as Johnny Rico in ‘Starship Troopers’. He filed for divorce and bankruptcy protection during a tumultuous period in his personal life. The actor cited tax debts and lower earnings as reasons for the filing. He continues to work steadily in the science fiction and action genres.

Dean McDermott

McDermott is an actor and reality television personality known for ‘Due South’. He faced severe financial scrutiny and reports of bankruptcy filings amidst support battles. His financial struggles were frequently aired on reality television alongside his wife. He has navigated these public money issues for over a decade.

Columbus Short

Short was a breakout star on the hit series ‘Scandal’ before personal issues derailed his career. He filed for Chapter 7 bankruptcy in 2014 claiming he had no assets to his name. The filing coincided with legal troubles and his exit from the show. He has worked to rebuild his acting resume in independent productions.

Mekhi Phifer

Phifer starred in ‘ER’ and ‘8 Mile’ during the peak of his career. He filed for bankruptcy in 2014 stating that his monthly expenses far exceeded his income. The actor owed over a million dollars in back taxes and legal fees. He managed to keep working in television to stabilize his situation.

Redd Foxx

The ‘Sanford and Son’ star was a comedy pioneer but notoriously bad with money. Foxx filed for bankruptcy in 1983 claiming debts mainly to the Internal Revenue Service. His tax problems plagued him until the day he died on the set of a sitcom. Agents famously seized his vehicles and furniture to satisfy the government debt.

Taran Noah Smith

Smith played the youngest son Mark Taylor on the hit sitcom ‘Home Improvement’. He filed for bankruptcy in 2007 shortly after gaining control of his trust fund. The former actor cited bad business investments and a failed vegan restaurant as causes. He eventually left the entertainment industry to do construction and relief work.

Mick Fleetwood

The Fleetwood Mac drummer also acted in ‘The Running Man’ and ‘Star Trek: The Next Generation’. He filed for bankruptcy in 1984 after years of excessive spending and bad investments. Fleetwood once estimated he had spent millions on cocaine alone during the seventies. He has since continued to tour and record successfully.

Tom Petty

Petty acted in ‘The Postman’ and voiced a character on ‘King of the Hill’. He filed for bankruptcy in 1979 as a legal maneuver to escape an unfair record contract. The strategy worked and allowed him to sign a more lucrative deal with a new label. It stands as one of the most successful uses of bankruptcy in music history.

David Crosby

Crosby appeared in films like ‘Hook’ and ‘Thunderheart’ in addition to his music career. He filed for bankruptcy in 1985 after a long period of drug addiction and legal trouble. The filing helped him clear debts while he served time in a Texas prison. He emerged sober and resumed a successful touring career.

Marvin Gaye

The soul legend acted in the film ‘Chrome and Hot Leather’. He filed for bankruptcy in 1976 primarily due to an expensive divorce settlement. The judge ordered him to give the royalties from his next album to his ex-wife. That album turned out to be the critically acclaimed ‘Here, My Dear’.

George Clinton

The funk pioneer acted in ‘Graffiti Bridge’ and ‘PCU’. He filed for bankruptcy in 1984 and lost the rights to many of his hit songs. Clinton spent decades fighting legal battles to regain control of his publishing. He continues to tour and advocate for artists’ rights.

Jerry Lee Lewis

The rock and roll pioneer appeared in films like ‘High School Confidential’. He filed for bankruptcy in 1988 with millions in tax debt. The IRS seized his personal property including his piano and stamp collection. He continued to perform live to pay down his obligations.

Francis Ford Coppola

While primarily a director he has acted in cameos and is a central Hollywood figure. Coppola filed for bankruptcy protection three times during the nineties. The filings were largely due to the production costs of ‘One from the Heart’ which bombed at the box office. He used his winery success to eventually pay back his creditors.

Michael Vick

Vick appeared in the television series ‘Atlanta’ and had various cameos. He filed for Chapter 11 bankruptcy in 2008 while serving time in federal prison. The filing allowed him to restructure his debts and pay creditors over time. He successfully paid back the majority of his debt after returning to professional sports.

Tell us which of these financial collapses surprised you the most in the comments.