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Bankruptcy by the Numbers
By Ed Flynn and Charles Bowles
Lights, Camera, Bankruptcy!
Filings by Celebrities: The Fairly Complete List
“There is no such thing as notoriety in the United
States these days, let alone infamy. Celebrity is all.”
— Christopher Hitchens1
A
Ed Flynn
ABI; Alexandria, Va.
Charles Bowles
ABI; Alexandria, Va.
Ed Flynn is a
consultant with ABI
and serves as a
coordinating editor
for the ABI Journal.
He previously
worked for more
than 30 years at the
Executive Office for
U.S. Trustees and
the Administrative
Office of the U.S.
Courts. Charles
Bowles is a staff
assistant with ABI
and writes for a
national sports
website on college
basketball.
prior Bankruptcy by the Numbers column
discussed bankruptcy filings by prominent
professional athletes. 2 In this article, we
identify personal filings by non-athlete “celebrities”
who have filed during the last 30 years.
The Internet has numerous articles and lists of
famous people who have filed for bankruptcy.3 The
articles seem to proliferate in the days and weeks
after a new celebrity filing. The lists of bankruptcy
filings by celebrities are not always accurate, however. Some journalists use the term “bankrupt”
loosely to indicate a foreclosure, tax lien, repossession or other financial difficulty. In fact, some celebrities have referred to themselves as “bankrupt”
even though there is no indication that they ever
actually filed for personal bankruptcy. To confirm
an individual bankruptcy, we looked for contemporary news articles or reports with sufficient detail to
indicate that the case had in fact been filed.
The Merriam-Webster Dictionary defines
“celebrity” as “the state of being famous or celebrated,” or “a person who is famous.”4 In this article,
we rely on how well-known a person is, rather than
on individual achievement. Some members on the
celebrity debtor list have been in the public eye for
decades, while some were famous for only a short
period of time. A few members on the list are mainly known for a single moment of fame or infamy.
So where do we draw the line? This has to be
arbitrary to some extent. To make this list, the debtor had to have achieved some level of national fame
or notoriety for at least a brief period of time. As a
starting point, we conducted numerous Google and
database searches looking for filings by celebrities
or famous people. The initial listing contained nearly 200 names. To weed this list down, we eliminated
the following:
• debtors who had filed in another country (e.g.,
Richard Harris, Gary Glitter, Ray Winstone and
Kerry Ketona, all of whom filed in England);
• debtors with a business rather than a personal bankruptcy (e.g., Donald Trump, Charles
1 Christopher Hitchens, For the Sake of Argument: Essays and Minority Reports (London
Verso, 1993).
2 See Ed Flynn, “Bankrupt Professional Athletes,” XXXIII ABI Journal 4, 52-53, 92, April 2014,
available at journal.abi.org/content/bankrupt-professional-athletes (log-in required).
3 Many of these lists of celebrity filers land the reader on a website for a bankruptcy attorney.
4 See “Celebrity,” www.merriam-webster.com/dictionary/celebrity (last visited July 25, 2014).
38 September 2014
Keating, Bob Guccione, singing groups TLC
and Shenandoah, Melvin Belli, etc.);
• debtors who filed prior to 1984 (e.g., Tom
Petty, Larry King, Meat Loaf, Cyndi Lauper,
Isaac Hayes, Marvin Gaye, Vic Damone, etc.);
• people who probably filed for bankruptcy,
but we could not determine the year of filing
(e.g., Dee Snider of Twisted Sister, Barbara Bel
Geddes of “Dallas,” financial counselor Dave
Ramsey, etc.);
• people who almost certainly did not file for
bankruptcy, even though someone reported that
they had filed;5 and
• debtors who do not quite qualify as celebrities
(based on our subjective judgment).
The Jacksons
An examination of the bankruptcy history of
Michael Jackson and the people around him might
help explain how we developed our list of celebrity bankruptcy filings. In addition to many reports
that Michael himself filed, there are numerous
reports of eight other cases being filed by people
closely affiliated with him, including his parents,
Katherine and Joe; second ex-wife, Debbie Rowe;6
sister LaToya; brothers Jermaine, Tito and Randy;
personal physician, Dr. Conrad Murray; and dermatologist, Dr. Arnie Klein. As best as we can
determine, here are the facts:
• Michael Jackson never filed for bankruptcy;
• Katherine and Joe Jackson filed in 1999;
• Debbie Rowe filed in 1989, well before she
met Michael Jackson;
• LaToya Jackson filed in 1995;
• Randy Jackson filed in 1989;
• Tito Jackson filed in 1999;
• Jermaine Jackson has never filed for bankruptcy;
• Dr. Conrad Murray filed in 1992, before he had
any association with Michael Jackson; and
• Dr. Arnie Klein filed in 2011.
That gives us seven Michael Jackson-related filings. But would all of these debtors be considered
“celebrities”? Four of the filings were by his parents
5 Perhaps the most widely reported of these is an alleged filing by Willie Nelson in 1990.
Although he had major tax liabilities and was forced to sell many of his possessions, it
does not appear that he ever filed a bankruptcy case. See Robert Draper, “Poor Willie”
Texas Monthly, May 1991, available at www.texasmonthly.com/story/poor-willie (last
visited July 25, 2014). Other purported bankruptcy filings that almost certainly did not
happen include entertainer Ed McMahon, singer Chaka Khan, actor/rapper Katt Williams
and David Olsen (father of the Olsen twins).
6 Debbie Rowe is also the mother of two of Michael Jackson’s children, Paris and Prince Michael.
continued on page 74
ABI Journal
Notable Celebrity Filings over the Last 30 Years
Actors
Filing Year(s)
Notoriety
2009
“Born on the Fourth of July”
1993
“Nine 1/2 Weeks”
2006
“Baretta”; also acquitted in 2005 of killing his wife
1999
“The Sopranos”
1991
“M*A*S*H”
2012
“The Buddy Holly Story”
1986
“Wayne’s World”
1995 and 2002 “Gimme a Break”; died in 2003
2010
“Northern Exposure”
1992
“That’s Incredible” host
2014
“Baywatch”
2011
“CSI”
2012 and 2013 “Baywatch”
1993
“Moulin Rouge”; Miss Hungary 1936
1999
“Highlander”; also Miss America 1982
1999
“The Jeffersons”; died in 2012
2011
“The Shield”
1994
“3:10 to Yuma”; died in 1997
1986
“Conan the Destroyer”
1992
“Superman”
2004 and 2014 “Falcon Crest”
2014
“ER”
2014
“Meet the Fockers”
2000
“National Lampoon’s Christmas Vacation”
1994
“Georgy Girl”; died in 2010
1996
“Smokey and the Bandit”
1997
“Singin’ in the Rain”
2013
“Gossip Girl”
2005
“Saving Private Ryan”
2006
“White Men Can’t Jump”
2011
“The Bold and the Beautiful”
The Series “The Real Housewives of....”
Teresa Guidice
2009
New Jersey series
Lisa Wu Hartwell
2007
Atlanta series
Tammy Knickerbocker 2000
Orange County series
Sonja Morgan
2010
New York series
Danielle Staub
2012
New Jersey series
Peggy Tanous
2013
Orange County series
Child Stars
Wille Aames
2008
“Eight Is Enough”
Drake Bell
2014
“Drake & Josh”
Gary Coleman
1999
“Diff’rent Strokes”; died in 2010
Leif Garrett
2001
“The Outsiders”; also a 1970s teen pop idol;
later infamous for drug and legal problems
Corey Haim
1997
“The Lost Boys”; died in 2010
Reality TV Stars
Aaron Buerge
2011
“The Bachelor” season 2
Todd Chrisley
2012
“Chrisley Knows Best”
Keith Famie
1997
“Survivor: The Australian Outback”
Clay Jordan
2001
“Survivor: Thailand”
Abby Lee Miller
2010
“Dance Moms”
John Ray
2012
“Property Wars”
Brady Williams
2014
“My Five Wives”
Musicians
Jay Black
2006
Member of Jay and the Americans
Toni Braxton
1998 and 2010 Sang “Unbreak My Heart”
David Brown
2010
Rapper known as “Young Buck” of G-Unit
Anita Bryant
1997
Singer; Miss Oklahoma 1958; activist
Stanley Burrell
1996
Rapper known as “MC Hammer”
Luther Campbell
1995
Member of 2 Live Crew
Aaron Carter
2013
Sang “Aaron’s Party (Come Get It)”
Natalie Cole
1997
Singer; daughter of Nat King Cole
Name
Stephen Baldwin
Kim Basinger
Robert Blake
Lorraine Bracco
Gary Burghoff
Gary Busey
Tia Carrere
Nell Carter
Barry Corbin
Cathy Lee Crosby
Donna Derrico
Gary Dourdan
Nicole Eggert
Zsa Zsa Gabor
Elizabeth Gracen
Sherman Hemsley
Michael Jace
Richard Jaeckel
Grace Jones
Margot Kidder
Lorenzo Lamas
Mekhi Phifer
Terri Polo
Randy Quaid
Lynn Redgrave
Burt Reynolds
Debbie Reynolds
Kelly Rutherford
Tom Sizemore
Wesley Snipes
Hunter Tylo
ABI Journal Name
David Crosby
Mick Fleetwood
Andy Gibb
Ronald Isley
Alvin Joiner
Jerry Lee Lewis
Melba Moore
Debelah Morgan
Vince Neil
Wayne Newton
Earl Simmons
Dionne Warwick
Tionne Watkins
David Allan Coe
Donna Fargo
Merle Haggard
Ty Herndon
Sammy Kershaw
Donald Eugene Lytle
Mindy McCready
Eddie Montgomery
Lorrie Morgan
Dottie West
Tammy Wynette
David Adkins
Tony Alamo
Casey Anthony
John Bobbitt
Peter Bogdanovitch
John Connally
Dr. Denton Cooley
John DeLorean
Janice Dickinson
Morton Downey, Jr.
Heidi Fleiss
Bernhard Goetz
Abraham Gosman
Mike Gravel
Arsenio Hall
Ruben Hinojosa
Vickie Lynn Hogan
E. Howard Hunt
Nelson Bunker Hunt
Eli Jacobs
Mario Lavandeira, Jr.
Bernard Kerik
Robert Kiyosaki
Suge Knight
Gary Kurtz
Marjorie Mezevinsky
Marvin Mitchelson
Pat Paulson
Peter Popoff
Susan Powter
Noreen Renier
Dick Smothers
Nadya Suleman
J. Fife Symington
Randall Terry
Musicians (con’t.)
Filing Year(s)
Notoriety
1985
Member of Crosby, Stills, Nash & Young
1984
Member of Fleetwood Mac
1987
Singer; non-Bee Gees member; died in 1988
1997
Member of The Isley Brothers
2009 and 2010 Rapper known as “Xzibit”
1988
Sang “Great Balls of Fire”
1993
Singer and actress
1999
Sang “Dance With Me”
1998
Member of Mötley Crüe
1992
Singer and entertainer
2013
Rapper known as “DMX”
2013
Singer and actress; Psychic Friends Network
2011
Member of TLC known as “T-Boz”
Country Music Artists
1985
Wrote “Take This Job and Shove It”
1991
Sang “The Happiest Girl in the Whole USA”
1992
Co-wrote and sang “Okie from Miscogee”
2004
Sang “What Mattered Most”
2007
Sang “Queen of My Double-Wide Trailer”
1990
Known as “Johnny Paycheck”; died in 2003
1997
Sang “Ten Thousand Angels”; died in 2013
2014
Member of Montgomery Gentry
2008
Singer who has been married six times
1990
Sang “Are You Happy Baby?”; died in 1991
1988
Sang “Stand By Your Man”; died in 1998
Other Celebrities/Notable Debtors
2009
Comedian known as “Sinbad”
1994
Founder of Tony Alamo Christian Ministries
2013
Acquitted in 2011 of murdering her daughter
1993
Involuntary penectomy victim in 1993
1985 and 1997 Director of “The Last Picture Show” and “Mask”
1987
Former Texas governor; died in 1993
1988
Heart transplant surgeon
1999
Founder of DeLorean Motor Co.; died in 2005
2013
Self-proclaimed “First Supermodel”
1990
Talk show host; died in 2001
1999
Hollywood madam who was arrested in 1993
1996
Subway vigilante
2001
Nursing home magnate; died in 2013
2004
Former senator from Alaska
2008
Talk show host
2010
Texas congressman
1996
Personality best known as Anna Nicole Smith
and for Stern v. Marshall; died in 2007
1995
CIA officer; Watergate “plumber”; died in 2007
1998
Oil company executive
1993
Former owner of the Baltimore Orioles
2005
Blogger known as “Perez Hilton”
1987
Former New York police commissioner
2012
Author of the Rich Dad Poor Dad series
2006
Producer; Death Row Records co-founder
1985
Producer of “American Graffiti”
2000
Chelsea Clinton’s mother-in-law
1993
Celebrity divorce lawyer; died in 2004
1990
Comedian; died in 1997
1987
Televangelist was exposed as a fraud in the 1980s
1995
Nutrition and fitness expert
2007
Psychic detective
2010
Comedian; member of the “Smothers Brothers”
2012
Known as “Octomom” for birth of octuplets in 2009
1995
Former governor of Arizona
1998
Activist; founder of Operation Rescue
September 2014 39
Bankruptcy by the Numbers: Lights, Camera, Bankruptcy!
from page 38
and siblings. They were all somewhat known at the time they
filed, so they definitely qualify. His ex-wife and Dr. Murray
were unknown at the time they filed for bankruptcy, but did
become well known later on as a result of their connection to
the late King of Pop, so they barely make the list.
The filing by his dermatologist stretches the limits of
celebrity, so he does not make our final cut. Therefore, for
Michael Jackson-related filings, we have drawn the celebrity
cutoff line somewhere between his personal doctor and his
dermatologist. Examples of other former debtors who did
not make the list include Lynne Spears (mother of Britney
Spears), Dr. Michael Kamrava (Octomom’s fertility doctor),
Natalie Hawkins (mother of gymnast Gabrielle Douglas) and
Oksana Grigorieva (Mel Gibson’s ex-girlfriend).
A Closer Look
By our calculations, there are a total of 124 celebrities
on the list who have filed for bankruptcy in the last 30 years,
19 of whom have since died. Seven of these celebrities have
filed more than once. There are many reasons behind the filings of the people on this list, which include overspending,
divorce, legal issues, contract disputes, bad investments and
declining income due to fading celebrity.
Celebrity Categories
Most members of the celebrity bankruptcy list are in the
entertainment industry and are predominately actors and musicians. In our listing, we have carved out several groups of entertainers that seem to be worthy of special mention. In addition,
there are a number of nonentertainers listed (e.g., businessmen,
politicians, etc.) who have managed to both achieve some level
of fame and file for bankruptcy, as shown in the table.
Country Music Stars
A surprising number of country musicians have filed
(see the table for a brief list), and they comprise about 10
percent of the total celebrity filings. If art mirrors life, then
these artists’ financial woes would make for an interesting
country song. 7 Many of these country music artists have
similar stories of how they fell on their financial blues.
The artists start off simply until they hit it rich with a
popular single or a fortunate string of luck. However, their
new fortune blinds them, and they begin to make poor
personal and business decisions through weak investments
and bad business partnerships. As their popularity fades,
their income goes down, down, down and the debt flames
grow higher, and then they are burned by their creditors,
the Internal Revenue Service and others. They lose their
fortunes, spouses,8 vehicles, maybe even their dogs, and
7 David Allan Coe, one of the country music artists who has filed for bankruptcy, also recorded what many
consider to be the perfect country western song, “You Never Even Called Me By My Name,” lyrics by
Steve Goodman: “Well, I was drunk the day my mom got out of prison/And I went to pick her up in the
rain/But before I could get to the station in my pickup truck/She got runned over by a damned old train.”
8 The 11 country western stars on our list have been married a total of 35 times.
74 September 2014
fall into a financial ring of fire that leads to the bankruptcy
courthouse. Quite the country song.
The Real Housewives
Since 2006, the Bravo Network has aired seven different
“Real Housewives” series,9 which have spawned at least nine
spinoff shows. A total of 67 women have been cast members,
of which at least six have filed personal bankruptcy cases —
a 9 percent filing rate among the Housewives. There have
also been filings by at least five other Housewives spouses
or businesses, which are not included in the celebrity list.
Other Reality TV Stars
Reality television has proliferated over the last 15 years,10
catapulting many people into minor (and sometimes temporary) celebrity status. The participants on these shows may
achieve fame, but they generally earn far less than actors on
traditional scripted shows. Surprisingly, we found only seven
non-“Housewives” reality actors who had filed,11 and two of
these cases were filed before the debtors appeared on TV.
Nonentertainers
Occasionally, a well-known individual (one who is not in
the sports or entertainment industry) files a bankruptcy case.
About one-fifth of the celebrity debtors fall into this category, and the ones identified in the table are quite a diverse
mix. They include five businessmen, four politicians, two
evangelists and six people who achieved sudden notoriety.
Perhaps the most common link among this group is that 12
of them have faced criminal charges at some point.
Discussion
How complete is this list? While we have tried to identify
every celebrity filing, there is no doubt that we have come up
short. Celebrities come and go, and undoubtedly some have
managed to file while avoiding the media spotlight.
There is no definitive count of the total number of
celebrities, but there might be more than 10,000 in the
U.S. The celebrity bankruptcy filing rate is about 1 percent, clearly well below that of the general population,12
which is not surprising because most celebrities have
incomes that are well above average. As is the case for
bankrupt athletes, most bankruptcy attorneys will never
have a celebrity client — unless “The Real Housewives”
come to town. abi
9 These include “The Real Housewives” of Orange County, New Jersey, New York, Atlanta, Miami and
Beverly Hills. Some purists do not count “The Real Housewives” of Washington, D.C., which ran for only
one season. See Joe Reid, Philp Bump, Alexander Abad-Santos and Allie Jones, “A Definitive Ranking
of Every ‘Real Housewife’ Ever,” The Wire, March 10, 2014, available at www.thewire.com/entertainment/2014/03/definitive-ranking-every-real-housewife/358890/ (last visited July 25, 2014).
10For example, more than 20 reality TV shows have been set in Alaska. See http://en.wikipedia.org/wiki/
Category:Television_shows_set_in_Alaska (last visited July 25, 2014).
11This excludes “The Real Housewives” and debtors who had achieved fame prior to appearing on a reality series.
12As noted in an earlier article, about 10 percent of the general adult population has filed for bankruptcy in
the last 25 years. See supra n.2.
Copyright 2014
American Bankruptcy Institute.
Please contact ABI at (703) 739-0800 for reprint permission.
ABI Journal