Do you know anyone who has declared bankruptcy due to excessive debt?
Jan Meriss Alfonso Assistant at Ascent Law LLC Famous Celebrities That Have Declared Bankruptcy Many people have wondered if a celebrity can be made bankrupt, but did you know that a lot of famous people have also faced financial difficulties? Some of them have even filed for bankruptcy. Read on to learn about Michael Jackson, Marvin Gaye, and Willie Nelson. Willie Nelson Willie Nelson filed for bankruptcy because of his excessive debt. His debts amount to more than $16 million, according to the IRS. The details of his bankruptcy remain murky, but some speculate that Nelson failed to pay his taxes and his accountants hid money in illegal tax shelters. Nelson said he is dissatisfied with his financial situation, but he is not intimidated by it. Nelson's accountants failed to pay his taxes for years, putting his money in tax shelters that were disallowed by the IRS. In an attempt to get out of the debt, Nelson filmed commercials for Taco Bell and sold his albums to raise money for ...