Some actors faced hard times which resulted in declaring them as bankrupt or they were not able to pay their expenses. Few among them are:
1. Floyd Mayweather Jr.
Floyd Joy Mayweather Jr. is an American boxing promoter and former boxer who currently owns a team in the NASCAR Cup Series named The Money Team Racing.
Floyd was in nearly £40m debt from betting and in 2009 he was forced to pay £4.5m back in taxes. Finally in 2018 settled for £600,000 with the Securities and Exchange Commission for failing to disclose payments brought a lot of changes in his financial condition.
2. Stephen Baldwin
He is an American actor and producer, and also the founder of the Baldwin Fund.
Baldwin filed for bankruptcy in 2009 in which he stated that he owed more than $2 million, including two mortgages with a total of $1.2 million for a house valued at $1.1 million. He also owed over $70,000 in credit card debt and more than $1 million in back taxes which shows his financial status.
3. MC Hammer
MC Hammer: He is an American rapper and dancer. Hammer was a big star in the 90s but in April 1996 he had to file for bankruptcy with over $13 million in debt.
Hammer continued to perform concerts at music venues and appears in television advertisements.
4. Marvin Gaye Marvin
Marvin Gaye Marvin: Gaye was an American singer and songwriter, who also won two Grammy Awards for his album “Midnight Love”. His first solo success, “Stubborn Kind of Fellow”, was later released that September, reaching No. 8 on the R&B chart and No. 46 on the Billboard Hot 100.
Gaye fell behind on his payments and owed around $600,000, gradually he had to file for bankruptcy in 1976.
5. Willie Nelson
Willie Nelson: Willie is an American actor, musician, and activist.
Nelson signed Neil Reshen as his manager to negotiate with RCA, who got the label to agree to end his contract upon repayment of $14,000.
The debt on Nelson was $16.7 million together with interest and penalty which was negotiated to $6 million by Nelson’s lawyer, Jay Goldberg. But the problem was he didn’t have any money to pay so which resulted in his bankruptcy.
6. Wayne Newton
Wayne is a singer and actor who has performed around 25,000 solo shows which is quite an achievement but later on, something unfortunate happened to him.
Wayne Newton was declared bankruptcy in 1992, he was $20 million in debt, an amount that included a $341,000 lien to the IRS for unpaid taxes.
7. Meena Kumari
Meena Kumari was a poet and actress, also known as the tragedy queen. She made history at the 10th Filmfare awards by receiving the three best actress nominations. Due to the poor health of Meena Kumari, she could not pay the honorarium to Mumtaz, leaving her with a debt of Rs 3 lakh.
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