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Famous People Who Have Declared Bankruptcy

If you or a family member are filing for bankruptcy, sometimes it is reassuring to know that you are NOT alone.  Many famous people including presidents, world leaders, entrepreneurs, and celebrities have filed for bankruptcy and gone on to live normal and sometimes even inspiring lives after.  Let’s look at a few celebrities who have weathered the storm of bankruptcy.

Ed McMahon – Apparently, the real estate foreclosure crisis affected celebrities too. The legendary Johnny Carson sidekick Ed McMahon, recently deceased, had to file bankruptcy when he came up short $644,000 on the payments for his $4.8 million home loan, and the lender filed a default notice on McMahon’s Beverly Hills mansion.

Gary Coleman former child star of the sitcom “Diff’rent Strokes” suffered financial problems due to lifelong kidney issues and poor money management. In 2009, he was still struggling financially, with $72,000 of debts and an accusation that the parents who adopted him had robbed his estate of approximately $1 million.He has since taken on acting roles and made a come back.

Larry King – Well-known talk show host and author Larry King filed for bankruptcy protection with $352,000 of debt. This was back in 1978 when his career was just beginning. He was less financially savvy then, but fortunately his career improved and seven years later, CNN debuted Larry King Live, the cable station’s longest-running show.

Natalie Cole – After many successful years as a recording artist, Natalie Cole (the daughter of recording legend Nat King Cole) had a career pause and problems with drug addiction in the early 80’s. By 1985 she was doing much better, but still filed for bankruptcy protection in 1997.Her career picked up again in the late 90’s, and she won the “Hitmaker Award” for the Songwriter’s Hall of Fame in 1999.