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Celebrities and Bankruptcy

Bugatti VeyronMoney troubles touch people from all walks of life. Sports stars and celebrities alike are not immune from these troubles. Hip-hop producer Scott Storch is the latest celebrity to file for Bankruptcy protection. Storch, who worked with famous recording artists like Dr. Dre, Justin Timberlake and Beyoncé is reported to have filed for Chapter 7 Bankruptcy protection in Florida. All that remains of his $70 million dollar fortune is a few thousand dollars as reported in the Huffington Post.

Lavish spending on 13 cars, a $20 million dollar yacht and a $10 million dollar home are not the causes of most people’s money troubles. The top three reasons most people file bankruptcy are loss of income, divorce or separation and illness or injury. It is reported that he blew money on cars, jewels, jets and drugs and has $4.4 million in debt with less than $4,000.00 in assets to show for it.

He is not the first celebrity to burn through a fortune and he will not be the last.

 


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Posted June 26, 2015