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Celebrity bankruptcies can be a source of inspiration

Most of us look up to certain celebrities and put them on pedestals. Then, to prove that the stars we admire are only human, something quite ordinary happens in their lives, such as running out of money.

Here is a brief look at how four celebrities coped after making the decision to file for bankruptcy.

Director Francis Ford Coppola

One of the most revered directors in Hollywood, Francis Ford Coppola, filed for bankruptcy in 1992. At the time, he owed $98 million but his assets only came to $52 million. He blamed “One From the Heart” for most of his financial woes. The movie cost $27 million to make but brought in only $4 million. Today, Mr. Coppola still makes films and he also owns a winery and a group of boutique hotels.

Actress Kim Basinger

Kim Basinger reportedly had a net worth of $5.4 million when she declared bankruptcy in 1993. Her financial problems erupted when she backed out of making a film and was sued for breach of contract. The lawsuit was settled after three years, and today, Ms. Basinger, who is still acting, is worth $36 million.

Former Pitcher Curt Schilling

Baseball great Curt Schilling made some bad investments after retiring from the major leagues. He earned $114 million as a pitcher, then invested in a company that had to file for bankruptcy in 2012. Schilling had to sell the family home and his famous bloody sock, and he underwent treatment for cancer as well. Since then, he has returned to the public eye and ear via the syndicated news network

TV-radio Personality Larry King

When talk show host Larry King filed for bankruptcy in 1978, he was $352,000 in debt. Fortunately, CNN offered him a job as host of a late-night radio talk show. That program developed into “Larry King Live,” which ran for 25 years. Today, Mr. King is said to be worth $150 million.

Looking forward

Though you may not be as famous or wealthy as some of the celebrities who file for bankruptcy, you can find inspiration in their stories. An experienced bankruptcy attorney will tell you that everything is relative, and every story is unique. Once you have decided that bankruptcy is your best option for getting out of debt, you can look forward to a better, brighter future.

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