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The ER actor filed in April, claiming $67,000 in assets, including a leather bed and 12-year-old Segway. According to the legal documents, Phifer spends approximately $11,600 a month, though he only makes $7,500. Phifer has amassed a debt of around $1.2 million in back taxes, $50 thousand in attorney bills and $4,500 in back child support.
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Meet the Parents and The Fosters star Teri Polo filed for bankruptcy in April 2014 due to tax and credit card debts totaling more than $1 million.
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Baldwin filed for bankruptcy in July 2009, one month after he and his wife defaulted on their mortgage and their home was foreclosed. At the time, he owed more than $2.3 million. Baldwin pleaded guilty to failing to file income taxes for 2008, 2009 and 2010 in March 2013 and agreed to pay $300,000 within a year or be sentenced to five years' probation and have five years to pay the money.
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The rapper was "2 Legit to Quit" his lavish lifestyle and filed for Chapter 11 in 1996 after being $13 million in debt — just five years after his net worth was valued at $33 million. In 2011, Hammer reportedly owed the IRS nearly $800,000 in back taxes from 1996 and 1997, but he tweeted that he had already paid off the debt.
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The Oscar winner filed for bankruptcy in 1993 after Main Line Pictures won a $8.1 million breach-of-contract lawsuit against her when she dropped out of Boxing Helena. Basinger, who claimed she didn't have the assets to pay the studio, won in an appeal and the parties later settled for $3.8 million.
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Despite making more than $300 million in his career, Tyson filed for bankruptcy in 2003, unable to sustain the hedonistic lifestyle he parodied in The Hangover. The former heavyweight champ was $23 million in debt, owed the U.S. and British governments $17 million in back taxes, nearly $1 million dollars to seven law firms and $300,000 for limo services. Tyson says he's still broke today, but he's happy with his "an awesome life."
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He has a hotel and casino empire, but Trump's businesses have gone broke four times, in 1991, 1992, 2004 and 2009. But The Donald would never say they went broke — it was about restructuring debts. "I've used the laws of this country to pare debt," he said. "We'll have the company. We'll throw it into a chapter. We'll negotiate with the banks. We'll make a fantastic deal. You know, it's like on The Apprentice. It's not personal. It's just business."
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Braxton filed for bankruptcy not once, but twice. In 1996, still not having recouped money from her smash album Secrets, Braxton, reportedly $3.9 million in debt, filed for Chapter 7 and ended up selling some of her possessions, including her Grammys. Fourteen years later, Braxton filed for Chapter 7 again, owing between $10 and $50 million in debts. Her debts have been discharged as of 2013.
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Busey declared bankruptcy in February 2012, revealing that he owed more than $500,000 in various debts and had less than $50,000 in assets. By December that year, he had closed his bankruptcy case, but still owed $450,000 to the IRS.
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Reynolds went from bankable star to bankrupt in 1996 after he claimed he was $10 million in debt following a contentious divorce from Loni Anderson and failed investments in a Florida restaurant chain. He settled it two years later, but faced more financial troubles in 2011 when Merrill Lynch filed foreclosure papers on his $1.2 million home, alleging that he hadn't paid his mortgage since 2010. The case is ongoing as of 2013.
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The CSI star filed for bankruptcy in 2012 — and blamed it on the show. Dourdan, who owned $1.73 million and had $1.8 million in assets, said he went broke after being killed off the CBS series because of "diminished payments of residuals" from the show, which caused him to default on his two mortgages.
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Francis' Girls Gone Wild filed for Chapter 11 in 2013 to sort out its debts. He blamed the bankruptcy on a company connected to Wild that he says he no longer owns, but was banned from the premises by bankruptcy trustee R. Todd Neilson.
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Just before The Sopranos premiered in 1999, the actress declared bankruptcy due to legal costs of a bitter five-year custody battle with Harvey Keitel over their daughter Stella. Bracco said the feud also brought about her depression.
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The singer went broke in 1997 due to her spending habits and her hit album Unforgettable… with Love. Because the EP featured covers of her father Nat King Cole's classics, his estate received royalties from the album's and single's sales.
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Oh, the irony. The actor went broke in 2000 over a 1999 movie he and his wife Evi produced and starring him called… The Debtors. The couple's debt was estimated to be between $1 and $10 million and they only had $50,000 in assets. By 2010, the pair was charged with felony vandalism for illegally squatting in a home.
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Tionne "T-Boz" Watkins
TLC infamously went broke in 1995 at the height of the group's success, but T-Boz's financial troubles continued. She declared bankruptcy in 2011, claiming she was $768,643 in debt to creditors. The singer listed her monthly income at $11,700 and monthly expenses at $8,821, and that she only received $1,200 a month in royalties. A judge later dismissed the case, saying T-Boz was blowing off meetings and not proposing payment plans.
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Nadya "Octomom" Suleman
Octomom filed for Chapter 7 in 2009, claiming that she can no longer pay her bills, had less than $50,000 in assets, and owes between $500,000 and $1 million in liabilities. But her case was thrown out when she failed to complete and file the paperwork required.
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Lohan's accounts were frozen by the IRS in 2012 because she owed $234,000 in back taxes from 2009 and 2010. Fortunately, Charlie Sheen came to her rescue, giving her $100,000. Recent reports have also claimed that Lilo is going broke after blowing through the $2 million she received for her OWN reality show, which paid for her rent, security deposit and broker's fee during production as a salary advance.