Written by Craig D. Robins, Esq.
Bankruptcy debt relief helps many typical consumers, but sometimes celebrities have debt problems also. Last month movie actor Stephen Baldwin, a Massapequa native, filed for bankruptcy after his mortgage company began foreclosure proceedings against him.
A famous sports star also filed bankruptcy last month. Former Major League Baseball All-Star Lenny Dykstra, a fixture of the New York Mets, filed a bankruptcy petition which indicated his debts were between $10 million and $50 million. Dykstra had built a financial empire of various businesses which unfortunately did not work out.
Last week, the venerable magazine and publishing phenomenon, Readers Digest, also sought Chapter 11 bankruptcy relief to restructure $2.2 billion in debt.
Celebrity photographer Annie Leibovitz has been rumored to be considering bankruptcy now that a lender is suing her over a $24 million loan.