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12 celebrities who have struggled with money

Published by Business Insider on Thu, 19 Jul 2018


Even though you might think celebrities have it made, that's not always the case. Whether their millions have dried up, the work stopped coming in, or their expenses have just become too high, these famous faces have all struggled with their finances.Declaring bankruptcy might seem like the easiest option to settle money problems, but it essentially tanks your credit scorewhich is one of the most important numbers in your financial history.Keep scrolling to see which of your favorite celebs have had some trouble tightening their purse strings.R&B legend Toni Braxton has filed for bankruptcy twice.Though Braxton has had multiple hits throughout her career, it still hasn't stopped her from experiencing money troubles. The "Un-Break My Heart" singer first filed for bankruptcy at the height of her career in 1998. According to her, even though she had sold millions of records, she only received a $1,972 check from her record label. She also blamed her money troubles on going overboard with home dcor. "I love dishes and house things, so I kind of lost it a little bit on the houseware," she said.She filed Chapter 7 again in 2010, claiming she had as much as $50 million in debt. Three years later, she was finally ordered to pay $150,000 in order to settle her case, reported TMZ.In March2018, The Blast reported that she owes more than $780,000 in back-taxes to the state of California and to the federal government.Johnny Depp is currently embroiled in a lawsuit with his former business managers, who he claims put him in millions of dollars worth of debt.Depp's exorbitant spending on houses, boats, wines, divorces, and even shooting his friend's ashes into a sky with a cannon finally caught up with him in 2017at which point, he was allegedly spending two million dollars a month.Depp filed a $25 million lawsuit fornegligence and fraudagainstThe Management Group, the firm that was in charge of his finances, andattorneys Joel and Robert Mandel,in January 2017. TMG countersued andthe case is still ongoing.Mike Tyson owed the IRS over $13 million.When Tyson filed for bankruptcy in 2003, his filing disclosed more than $27 million worth of debt, including millions owed to the IRS.Tyson had earned $400 million over 20 years, but is said to have squandered it on extravagant purchases likejewelry, mansions, cars, and even Siberian tigers.See the rest of the story at Business Insider
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