Actor and Celebrity Apprentice contestant Gary Busey filed for Chapter 7 bankruptcy just days ago. His liabilities are somewhere in the $500,000-to-$1 million range, according to a Reuters report.
Some of the most famous (and most embarrassing) include >
Here’s a rather amusing take on the whole affair from Busey’s agent, as given to celeb site TheWrap:
“As with many great American institutions, i.e., General Motors, American Airlines, and many others who have utilized the strategic business tool called bankruptcy, Gary Busey’s filing is the final chapter in a process that began a few years ago of jettisoning the litter of past unfortunate choices, associations, events and circumstances that visited themselves upon this great American icon, to enable the start of a new and clear path to peace, happiness and success with his career and his wonderful new soulmate, Steffanie, and their son, Luke.”
Busey joins a long line of celebrities who have gone bust.
This post originally appeated at InvestorPlace.
Randy Quaid (Bankrupt in 2000)
Oh the irony. After making a film called The Debtors, starring himself and directed by his rather talent-deprived wife Evi, Quaid went broke. The decade ended with Randy Quaid banned from stage acting and the Quaids arrested for allegedly defrauding an innkeeper.
Toni Braxton (Bankrupt in 1993 and again in 2010)
After her album Secrets went platinum with No. 1 hits “You’re Makin’ Me High” and “Un-Break My Heart,” Braxton shortly declared bankruptcy thanks to free-spending ways beyond her success. So much for learning her lesson, though — by 2010, the R&B singer was bust a second time. If that’s not enough public embarrassment for you, tune into the sordid affairs and finances of Toni and her kin in the Braxton Family Values reality show on WE.
Stan Lee (Bankrupt in 2001)
Despite the massive success of comic book heroes like Spider-Man, The Incredible Hulk and The X-Men, Stan Lee was a dot-com disaster. His web-based comic book venture of the era, the eponymous Stan Lee Media, quickly burned through its capital like so many other firms inflated by the tech bubble. Adding insult to injury was that Lee’s partner, Peter Paul, was accused of securities fraud, too.
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See Also:
- Will Your Credit Card Company Garnish Your Wages If You Declare Bankruptcy?
- 8 Signs You're Heading For Financial Ruin
- The Dummy's Guide To Staying Out Of Bankruptcy