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Celebrities File Bankruptcy, Too

Written by Craig D. Robins, Esq.
 
Stephen Baldwin sought bankruptcy protection in July 2009Bankruptcy 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.
 
Lenny Dykstra sought Chapter 11 bankruptcy protection in July 2009A 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.
 
Reader's Digest Magazine sought Chapter 11 bankruptcy protection in August 2009Last 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.
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