Financial usually make it significant in their field, which leads to a lot of money. They spend it in bizarre ways, such as collecting items ranging from luxury cars to knives. However, many celebrities overspend and end up losing all of their money.
Sometimes debt piles upon them, or they fail to set aside money for taxes. As a result, celebrities face significant financial difficulties and, in some cases, jail time. So, who are the most recent bankrupt celebrities to fall victim to this? Here are the names of seven stars that went bankrupt in 2018.
Seven unexpected celebrities went from riches to broke. Of course, we feel that everyone famous is a jerk. And successful actors, musicians, and athletes do make more money than most other professions. However, this is not always the case. Occasionally, celebrities waste or lose all of their money.
7. Teresa Giudice
The Real Housewives of New Jersey star is officially out of prison, but she must wait for her husband to complete his sentence. The pair admitted to falsifying loan applications and lying to the IRS. As a result, according to Reality Tea, her $13.5 million bankruptcy case was reopened. In addition, the couple is suing their bankruptcy counsel for $5 million for malpractice.
6. 50 Cent
The rapper and TV program executive producer has recently had financial difficulties. However, his Chapter 11 bankruptcy case was finally settled this year. But, according to TMZ, he must repay his creditors $23 million over the next five years. He isn’t completely out of work because his show is still on the air and has other business activities. This, however, is a financial setback.
5. Swizz Beatz
The rapper and producer have also struggled with money management. According to Bossip, he was audited this year by the IRS for owing about $280,000 in taxes from 2015. Not only that but he was also informed that he owes $88,662.94 in taxes for 2014. Given that he recently paid $732,000 in taxes to settle delinquent taxes from 2006, this is a difficult scenario. He keeps attempting to catch up, but he only gets further behind.
4. Petey Pablo
This year, the “Freek-A-Leek” rapper has run out of money. According to TMZ, he filed for bankruptcy, namely Chapter 11, in April and claimed to be less than $50,000 in debt. Pablo wishes to set up a payment plan with his creditors. This is not, however, his first rodeo. In 2009 and 2010, he also declared bankruptcy. ACCORDING TO BOSSIP, the IRS, Planet Fitness, Enterprise, Ford Motor Credit, and law companies are among his creditors.
The rapper enjoyed a string of successes and was well-known a decade ago. However, he is now being pursued by the government for unpaid taxes. According to TMZ, he owes the IRS more than $2 million in federal taxes, and the IRS has the authority to seize his assets and property. Not only that, but he also owes $149,511 in delinquent state taxes.
Surprisingly, the revelation shook supporters to their core, and the hashtag #SaveNelly began trending. People started sharing images of themselves buying his songs to help him pay off his debt, according to BuzzFeed. According to Billboard, streams of “Hot in Herre” increased by 90% a week after the news surfaced. Unfortunately, this is unlikely to dent his debt because artists rarely receive a big cut from their music sales and make the most of their money from touring.
2. David Hasselhoff
When he attempted to reduce his spousal support payments, the Baywatch star was forced to publicize his finances. According to TMZ, Hasselhoff paid his ex-wife Pamela Bach $252,000 per year. After 16 years of marriage, the couple split in 2006. He said he could not make the payment because he only had $4,000 in liquid assets. According to People Magazine, He also stated that he “just had to withdraw additional monies from my retirement plan to pay for my living expenditures.”
His main source of revenue is a European tour (with dismal ticket sales) and his reality TV show, Hoff the Record. He also possesses $1.79 million in assets, including real estate, retirement funds, automobiles, jewelry, art, and other items. According to People Magazine, the two eventually agreed to reduce the alimony payments to $10,000 per month.
The rapper’s year has undoubtedly been a roller coaster. His landlord took him to court for failing to pay rent in August. He was eventually forced to pay $186,000 in unpaid rent and reached an agreement with the property owner. Because he did not appear in court, a bench warrant was issued for his arrest. However, according to ET, this was recalled when they settled.
After failing to make several payments, Tyga was then given a 2014 Maybach 62 S Landaulet convertible. But, according to TMZ, he never received his car back. The rapper’s Ferrari was then repossessed in September after he failed to make numerous lease payments. The individual who repossessed the car allegedly used a spare key to enter the vehicle and drive away with it. Tyga did receive the car back a week later, but that wasn’t the end of Tyga’s financial problems.
A woman who acted as the middle man in leasing a Range Rover to Tyga filed documents to repossess it, according to TMZ. The sad thing is that the rapper had given it to his mother. The monthly payment on it is reported as $1,000 a month. However, the woman claims that multiple payments haven’t been paid, and she now says it has been stolen.