Famous Actors Who Filed for Bankruptcy

Fame and fortune often go hand in hand, but not every celebrity manages to hold onto their wealth. Many well-known actors have faced serious financial struggles, leading them to file for bankruptcy despite their success on the big screen. From bad investments to costly divorces, the reasons behind their financial troubles vary. These stories show that even the biggest stars can hit rock bottom.

Bankruptcy doesn’t always mean the end, though. Many of these actors bounced back, proving that financial setbacks can be overcome with determination and smart choices. Here’s a list of famous actors who faced bankruptcy, along with what led to their financial troubles and how they moved forward.

Kim Basinger

Kim Basinger, known for starring in films like ‘L.A. Confidential’ and ‘Batman’, faced a major financial crisis in the early 1990s. She was sued for over $8 million by Main Line Pictures after backing out of the movie ‘Boxing Helena’, which led her to file for Chapter 11 bankruptcy in 1993. She had also bought the town of Braselton, Georgia, for $20 million, hoping to turn it into a tourist spot, but the investment failed, adding to her debts.

After settling the lawsuit for $3.8 million, Basinger took a short break from acting. She later returned with roles in films like ‘8 Mile’ and ‘Fifty Shades Darker’, rebuilding her career and financial stability with an estimated net worth of $20 million today.

Burt Reynolds

Burt Reynolds, a Hollywood icon from hits like ‘Smokey and the Bandit’ and ‘Boogie Nights’, filed for bankruptcy in 1996 with over $10 million in debt. His financial troubles stemmed from an expensive divorce from Loni Anderson, poor investments, and a lavish lifestyle that included multiple homes and a dinner theater that was foreclosed.

Reynolds bounced back by continuing to act, earning a Golden Globe for ‘Boogie Nights’ the year after his bankruptcy. Though he faced ongoing financial issues until his death in 2018, he remained a beloved figure in Hollywood, working in smaller films and selling memorabilia to stay afloat.

Stephen Baldwin

Stephen Baldwin, known for ‘The Usual Suspects’ and ‘Bio-Dome’, filed for Chapter 11 bankruptcy in 2009. He owed over $2.3 million, including unpaid taxes, credit card debt, and mortgage payments on a New York property that lost value, pushing him into financial ruin.

After his bankruptcy, Baldwin leaned into his faith, becoming a born-again Christian and focusing on Christian-themed projects. While his career slowed, he stabilized his finances and continues to work in lower-profile roles.

Gary Busey

Gary Busey, recognized for films like ‘Point Break’ and ‘The Buddy Holly Story’, filed for Chapter 7 bankruptcy in 2012 with debts over $1 million and assets of just $50,000. His financial struggles were tied to a cocaine addiction, legal issues, and unpaid debts to creditors, including the IRS.

Busey emerged from bankruptcy later that year and continued acting in smaller roles and reality TV, including ‘Celebrity Rehab’. Despite ongoing personal challenges, he remains active in the entertainment industry.

Mickey Rooney

Mickey Rooney, a legendary actor from classics like ‘Breakfast at Tiffany’s’ and ‘National Velvet’, filed for bankruptcy twice, in 1962 and 1996. His financial troubles in the 1960s were linked to gambling and alcohol addiction, owing the IRS $1.75 million, while his later bankruptcy stemmed from unpaid loans and taxes.

Rooney continued acting in movies and TV after both filings, maintaining a career that spanned decades until his death in 2014. His resilience showed that bankruptcy didn’t define his legacy.

Sherman Hemsley

Sherman Hemsley, best known for playing George Jefferson in ‘The Jeffersons’ (1975-1985), filed for Chapter 13 bankruptcy in 1999. He struggled to repay a $1 million loan from a Las Vegas investment company and owed back taxes to the IRS, which overwhelmed his finances.

Hemsley kept working in TV and theater after his bankruptcy, maintaining his status as a beloved TV star. He passed away in 2012, leaving behind a legacy of iconic performances.

Debbie Reynolds

Debbie Reynolds, star of ‘Singin’ in the Rain’ and ‘The Unsinkable Molly Brown’, faced bankruptcy after her Las Vegas venture, the Debbie Reynolds Hotel and Casino, failed in the 1990s. The hotel suffered from weak cash flow, and she couldn’t keep up with the debts, leading to a bankruptcy filing in 1997.

Reynolds continued acting and performing, later focusing on preserving Hollywood memorabilia through her museum. She passed away in 2016, remembered for her talent and determination.

Don Johnson

Don Johnson, famous for ‘Miami Vice’ (1984-1990) and ‘Nash Bridges’ (1996-2001), filed for bankruptcy in 2004 to save his $20 million Colorado ranch from auction. His financial troubles came from declining income after his hit shows ended and mounting debts from a lavish lifestyle.

Johnson recovered by returning to acting, with roles in films like ‘Django Unchained’ and ‘Knives Out’. His comeback helped him maintain an estimated net worth of $50 million today.

Wesley Snipes

Wesley Snipes, known for action films like ‘Blade’ and ‘Demolition Man’, filed for bankruptcy in 2006 after being convicted of tax evasion. He owed millions in unpaid taxes, which led to a three-year prison sentence and significant financial strain.

After his release in 2013, Snipes rebuilt his career with roles in ‘The Expendables 3’ and ‘Coming 2 America’. His return to acting has helped him regain financial stability and a strong reputation.

Teri Polo

Teri Polo, recognized for ‘Meet the Parents’ and ‘The Fosters’ (2013-2018), filed for Chapter 11 bankruptcy in 2014. She faced financial difficulties after her income dropped following the end of ‘The Fosters’, with debts including unpaid taxes and credit card bills.

Polo continued acting in TV movies and series, gradually stabilizing her finances. Her persistence in the industry highlights her ability to recover from financial setbacks.

Joey Lawrence

Joey Lawrence, known for ‘Blossom’ (1990-1995) and ‘Melissa & Joey’ (2010-2015), filed for bankruptcy in 2017 with $355,000 in debt. His financial struggles came after his income fell sharply when ‘Melissa & Joey’ ended, leaving him unable to cover taxes and other expenses.

Lawrence settled his bankruptcy by 2018 and continued acting in TV movies and reality shows. His ongoing work shows his commitment to rebuilding his financial life.

Drake Bell

Drake Bell, star of ‘Drake & Josh’ (2004-2007), filed for bankruptcy in 2014, citing $1.5 million in debt. His monthly expenses of $18,771 far exceeded his $2,820 income, and he faced tax debts and a foreclosed Los Angeles home.

Bell continued working in music and smaller acting roles, though legal issues have slowed his career. He’s still active, trying to regain his footing in the industry.

Sinbad

Sinbad, known for films like ‘Jingle All the Way’ and ‘Houseguest’, filed for bankruptcy twice, in 2009 and 2013. He struggled with over $11 million in debt, primarily from unpaid taxes, which overwhelmed his finances despite his successful comedy career.

After his filings, Sinbad returned to stand-up comedy and made TV appearances, working to rebuild his financial stability. His resilience keeps him relevant in entertainment.

Janice Dickinson

Janice Dickinson, a former supermodel and judge on ‘America’s Next Top Model’ (2003-2006), filed for bankruptcy in 2013. She had over $1 million in debt, including unpaid taxes and credit card bills, despite her success in modeling and reality TV.

Dickinson continued appearing on reality shows and focused on paying back creditors. She remains active in the industry, showing determination to move past her financial troubles.

Kelly Rutherford

Kelly Rutherford, known for ‘Gossip Girl’ (2007-2012) and ‘Melrose Place’ (1992-1999), filed for bankruptcy in 2013 after a costly custody battle. She spent nearly $2 million in legal fees fighting her ex-husband over their two children, draining her finances.

Rutherford continued acting in TV movies and series, slowly rebuilding her career. Her story highlights the impact of personal legal battles on financial stability.

Which actor’s bankruptcy story surprised you the most? Share your thoughts in the comments below!