How Stars End Up In Bankruptcy

: Chris Lee Law Firm

  Filed under: Bankruptcy

celebrities in bankruptcyWhether talking about professional athletes, Hollywood movie stars or even aids to such celebrities, financial hard times can strike anyone. In fact, many celebrities are at an increased risk of financial hardship and risk asset liquidation than the average American. Why? The answer is in their financial details.

The Devil Is In The Details

Professional athletes and movie stars have one thing in common, they both make millions of dollars for little work in a short amount of time. The average NFL player makes close to $2 million a year playing their favorite sport, while the average movie star makes nearly $5 million per movie. Both athletes and movie stars have braved the headlines over the years with their high profile bankruptcy filings. Typically carrying millions in debt burdens, many of these stars also have expensive assets at risk.

The trouble that professional athletes face the most is the lack of longevity in their career. Often given too much too fast, many fail to invest properly or save for the day their contracts are not renewed. Left with million dollar homes, fancy cars and luxury items, most are faced with filing for bankruptcy to get out from under their debts. Movie stars may have a longer career span, but many suffer the fate of dwindling contracts as their career winds down. No longer getting paid big bucks for movies, it is hard for an actor to maintain the lifestyle they have carried for so long.

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