Many celebrities have filed for bankruptcy over the years, proving that even with fame, fortune is not a guarantee – a sentiment that these fifteen celebrities can certainly attest to. Their distressing financial circumstances have converted into bankruptcies, illustrating the importance of good money management at any tax bracket.
At his richest, Mike Tyson was worth between $300 and $400 million – an almost unfathomable amount of money to blow. Still, the former heavyweight champ managed to squander his riches on expensive un-necessities mansions, cars, jewelry, parties, clothing, motorcycles and Bengal tigers. According to his 2003 bankruptcy filing, Tyson owed incredibly large sums of money to a number of creditors; including the IRS, Georgia treasury, and even the British tax authorities. He now lives a comfortable life: not a very wealthy one, but a happy one, he says, with his wife and family.