Monday, October 15, 2012

Famous people who went bankrupt

Famous people who went bankrupt, October is Financial Planning Month, a time to devise household budgets, set long-term financial goals or talk yourself out of buying that luxury item you’ve been eyeing. If you need more incentive to get smarter with your dollar, look no further. These individuals range from noteworthy to notorious, but they all have one thing in common: Being money smart just isn't their thing.

John Wayne Bobbitt

His volatile marriage ended in 1995 after his wife (who is she again? | see photos) went to extreme measures and castrated him. Shortly after making headlines, he declared bankruptcy and tried a whole slew of tactics — from wrestling to "acting" — to right his financial wrongs.

Heidi Fleiss

The notorious "Hollywood Madam" may have made thousands of dollars a day in her prime, but she filed for bankruptcy protection in 1999 after a prison sentence stopped her streak.

Betsey Johnson

This forever-young fashion designer may have recently showed at New York Fashion Week, but she filed for bankruptcy last spring and her retail stores began closing left and right.

Larry King

Before his CNN talk show aired in 1985, the then-radio host claimed he was flat busted

Annie Leibovitz

Celebrity photographer Leibovitz may have gotten up close and personal with everyone from John and Yoko to the first family (see more of her famous portraits), but she couldn’t seem to focus on her finances. By 2009, she was in such dire straits that she had to put up some major collateral, and she can’t seem to stay out of legal trouble.

A Russian tycoon's daughter

At the age of 15, Kira Plastinina — the daughter of a Russian tycoon — parlayed her love of fashion into an eponymous chain of boutiques (see photos). Though the chain faired better in her home country, her 12 US stores lasted less than half a year and filed for bankruptcy in early 2009.

Susan Powter

"Stop the insanity!" Powter rose to fame in the ‘90s with the overwrought catchphrase, fitness infomercials (remember these?) and books, but she filed for bankruptcy in 1995.

Gordon Ramsay

The firebrand restaurateur and reality TV chef (hear an earful) was on the brink of bankruptcy in 2009 due to mounting debt and tax woes (how bad off was he?). He even began selling his prized possessions and using his own cash to help business bounce back.

Nadya Suleman

It shouldn’t come as a surprise that "Octomom" Suleman waved a financial white flag earlier this year. With a brood of 14 — including the octuplets born in 2009 — it seems the grocery bills alone would drive the unemployed single mom to the poor house.

Iyanla Vanzant

This inspirational speaker and former millionaire self-help author found herself down and out after her 2002 talk show was canceled.

Geoffrey Zakarian

Zakariaonal bankruptcy in 2011, just as a whopping number of staffers lashed out at him legally.
Title: Famous people who went bankrupt
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