There is a rich history of entertainers in the music industry declaring bankruptcy. Read about some of the high profile cases.
Memphis whose real name is Malik Cox claims his total assets which include a Jersey Home, a Chevy Impala, clothing, and wedding rings totals $274,000 while his liabilities amount to $350,000. He also claims he has only $100 in cash and his Chase business account is empty.
Filing for bankruptcy in the entertainment business is nothing new. Below is a list of celebrities who have filed for bankruptcy.
50 Cent first filed for bankruptcy on July 13, 2015 which came days after a jury directed the rapper to pay $5 million to Lastonia Leviston who sued him over her sex tape he leaked years ago. A year later 50 Cent settled his bankruptcy case and agreed to pay $23 million to his creditors over the next 5 years.
More specifically, $17 million to Sleek Audio and $6 million to Rick Ross' ex, Lastonia Leviston, for leaking her sex tape.
The old school rapper is one of the most famous examples of celebrity bankruptcy in America. In 1990, MC Hammer was worth $33 million by Forbes Magazine.
Three years after the rapper unbelievably filed for bankruptcy and had $10 million in debts. According to him he didn't lose his money to frivolous spending but by employing over a hundred people in his community. "I had a payroll of a million dollars a month at times" he told Oprah Winfrey years later. In 2013 it was stated that he had $800,000 to pay in back taxes.
The gravel voiced rapper in 2013 filed for bankruptcy after he claimed he was owing millions and his child support had reached the sum of $1.24 million. He also claimed that he had $50,000 in assets. His case was thrown out of court based on inaccurate and inconsistent information.
The hit maker was making a lot of cash in his hey days, unfortunately he lost most of it to drugs. In 2009 his mansion was foreclosed. Also, he was charged for Grand Theft Auto for not returning a Bentley. Last year Scott Storch went to court and stated he had only $3,600 in assets and $100 cash.
The former Heavyweight champion made $400 million during his famous boxing career. Unfortunately Iron Mike lost most of the money. In the year 2013 he filed for bankruptcy and owed a whooping sum of $23m- $13.4m to the IRS, $4m to the tax authorities in Britain and $9m in divorce settlement.