Celebrity Bankruptcy
They walk the walk and talk the talk but are they really as wealthy as they seem or does their smile hide the hidden secret of bankruptcy?
Celebrity bankruptcy can be found from in all areas of stardom including football stars, movie icons and singers. But how can celebs fall into debt when they are dripping with wealth and fame?
For many, the river of money that flows through their bank account looks like it is never going to stop and many believe it never will. Unfortunately, when movies start to flop or songs just don’t touch the heart like they used to, celebrities take no heed to savings advice and still continue living their lavish lifestyle, refusing to believe that this could be a downward spiral of debt and worry.
Bankruptcy amongst celebrities has become so common that smart ones seek debt help and hire financial advisors. These number crunchers keep an eye on their bank accounts and stop them from overindulging in extravagances which could force them into debt.
If only the late Rod Hull had taken debt advice when he splurged £387,000 on an Elizabethan mansion in 1987, and ploughed a further £500,000 into refurbishing the entire building. He fell so behind with his taxes that the property was repossessed.
Celebrities show us that excesses can lead to debt and whilst the odd treat is nice once in a while, a little too much of what you fancy, can become a habit which is hard to break. This shows that even celebs are not immune to the perils of debt. They are just like the rest of us, but are playing with larger stakes.
IVA and Bankruptcy News posted on 20/08/2007 08:58:45
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