Teresa Giudice is Not Alone: Celeb Parents Who've Declared Bankruptcy

I’ve been harsh about Teresa Giudice’s financial situation — declaring bankruptcy and screwing many people out of hard-earned money plus leaving the rest of us bill-paying suckers to bail her out. As I mentioned, I understand there are legitimate cases where people, due to unforeseen circumstances, need to avail themselves of this option. But in the Guidice’s case, it seems to me to be a case of pure greed, the “gotta have it now” mentality that is such a bad example for our children. As the Real Housewives of New Jersey star makes excuses, gets ready to auction off her belongings and compares herself to the founders of iconic companies like Walmart and Walt Disney — she is right about one thing: a lot of well-known people washed the slate clean via bankruptcy and started over:

Lorraine Bracco of The Sopranos has publicly discussed her financial and depression problems. The Sopranos helped her dig out of debt after she declared bankruptcy in 1999 due to a legal battle with ex-Harvey Keitel over custody of their daughter Stella.

Don Johnson, of Miami Vice white blazer fame and one of Melanie Griffith’s three baby daddies, filed for bankruptcy in 2004 to save his $20 million Pitkin County ranch in Colorado from being sold at auction. He was able to save his ranch and pay off his debts.

Serial husband and fan of divorce Larry King was in debt $352,000, charged with grand larceny and accused of stealing from a business partner. The charges were dropped but he wound up claiming bankruptcy in 1978.

Tammy Wynette might stand by her man but not her debts. She declared into bankruptcy due to an investment in two Florida malls that went south.

Burt Reynolds, who ironically was once involved with Wynette (they wouldn’t have made a good financial team), declared bankruptcy following his divorce from Loni Anderson in the mid-90s. The former couple has one son together.

Late mother of two Anna Nicole Smith was ordered to pay $850,000 to an employee for a judgment against her for sexual harassment in 1996 prompting her to file for bankruptcy.

Momager Lynn Spears and her husband filed for bankruptcy in 1998 right before Britney became a superstar (and later a big hot mess).


Article Posted 5 years Ago
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