Today everybody wants to be famous. Reality TV shows such as Big Brother and The X Factor have turned ordinary people into household names and with that fame comes money and potentially lots of it. Of all celebrities it is actors that are often the most looked up to and they can earn millions of dollars a year for the parts they play on television programmes and in movies but even with all that money there are some that end up with nothing. It is a notoriously fickle business and success can be fleeting, which means that those who spend like the good times are going to last forever can end up in some very serious financial situations.

The beautiful Kim Basinger starred in films such as Batman, Never Say Never Again and LA Confidential earning millions in the process but 1993 she was forced to file for bankruptcy after a judge ordered her to pay Main Line Pictures $8.1 million because she had backed out of a verbal commitment to star in the film Boxing Helena. This meant that she needed to sell her $20 million worth of investments for only $1 million.

TV star Don Johnson, of Miami Vice fame was another actor that ended up filing for bankruptcy. He did so in 2004 to avoid having his $20 million Pitkin County ranch in Colorado being sold at auction. He did manage to save his ranch though and also paid off his huge debts which included the $930,000 he owed to City National Bank.

Denis Qaid’s older brother Randy Quaid is probably best known for his role as Cousin Eddie in the National Lampoon’s Vacation film series, as well as supporting roles in Independence Day, Kingpin and Brokeback Mountain. His financial problems ironically arose from a film that his wife directed him in called The Debtors that was never released. The couple had to file for bankruptcy as they found themselves $1 million in debt.

The recently deceased model turned actress tuned media personality Anna Nicole Smith petitioned for bankruptcy in 1996 after losing a law suit and that was despite her former husband having promised to give her half of his $1.6 billion estate.

Burt Reynolds had a very successful career starring in such films as Smokey and the Bandit, Deliverance and Gator but when he filed for bankruptcy after his 1996 divorce, he was $10 million in debt.

Ray Winstone’s career started his career in film at a young age in the 1979 movie Scum but despite an incredible performance he struggled to find more acting work and had to file for bankruptcy towards the end of the 1980’s. He bounced back in movies such as Nil by Mouth and Sexy Beast and hasn’t looked back since, getting regular roles in Hollywood and appearing in a wide range of adverts.

This list could go on and on as many other actors have found themselves in financial trouble as a result of overspending. Fame and fortune is the dream that many look to achieve but keeping hold of it seems to be even more difficult.

Author Bio: Albert is an expert financial consultant who specializes in helping people to recover their lives back after debt problems especially bankruptcy and debt consolidation

Category: Finances
Keywords: bankruptcy, bankrupt sport stars, going bankrupt