14 stars who lost it all...

[BUTCH1]

http://www.investopedia.com/slide-show/14-stars-who-lost-it-all/

The Billy Joel was a surprise, as was Nick Cage..

 

[A Casual Fitz]

Haha Cage has always been awful with money. That one didn't surprise me.

 

[Jodell88]

That list is filled with people that shouldn't be on it.

 

[T9D]

They act like just because something got foreclosed that they couldn't pay for it. No, it's just that it wasn't worth it to keep since it wasn't making them money. I'm sure they took some loss on a down payment though.

I think bankruptcy is just a way to play the system too. Sure they made mistakes, and may be bad with money, But don't worry these people have millions still.

 

[JMapleton]

"Lost it all" is a bit misleading. Just because you declare bankruptcy to reorganize your debts and negotiate with your creditors doesn't mean you "lost it all." I most all those people on that list are still eating better than almost anyone on ATOT.

You want to hear of people who "lost it all"? Read some stories of professional boxers of the 70s and 80s. Some are homeless. Leon Spinks works at McDonalds. Many sad stories.

 

[JMapleton]

I think bankruptcy is just a way to play the system too. Sure they made mistakes, and may be bad with money, But don't worry these people have millions still.

Companies do it. Chapter 13 Bankruptcy. Reorganizing debts. Strategic defaults. If someone on Wall St can do it, I do not judge anyone on main street who does it.

 

[Agent11]

Me thinks whomever wrote that has a different definition of 'lost it all' than the average person. I'm pretty sure divorce or no McCartney is doing just fine.

 

[rudder]

paul mcartney lost half of his fortune... but he had a shit ton of money and half of that was still like $300 million.

 

[JMapleton]

Me thinks whomever wrote that has a different definition of 'lost it all' than the average person. I'm pretty sure divorce or no McCartney is doing just fine.

No, it was just link bait. Almost all journalism these days is cheap linkbait. I go to CNN's homepage and I sometimes think I'm on a cheap online tabloid.

 

[mugs]

They act like just because something got foreclosed that they couldn't pay for it. No, it's just that it wasn't worth it to keep since it wasn't making them money. I'm sure they took some loss on a down payment though.

I think bankruptcy is just a way to play the system too. Sure they made mistakes, and may be bad with money, But don't worry these people have millions still.

That works for poor people and homeowners in non-recourse mortgage states.

 

[Kadarin]

Someone who "lost it all" would be Lisa Robin Kelly, who died recently. Going from promising cast memeber of That 70s Show to.. dead, essentially by choices that she made.

 

[Sinsear]

Someone who "lost it all" would be Lisa Robin Kelly, who died recently. Going from promising cast memeber of That 70s Show to.. dead, essentially by choices that she made.

I think she "threw it all away" rather than lost it all by being a junkie

 

[Cerb]

I think she "threw it all away" rather than lost it all by being a junkie

By that logic, nobody has ever lost it all, and a list like the OP's links claims to be could not be made.

 

[iamwiz82]

"Lost it all" is a bit misleading. Just because you declare bankruptcy to reorganize your debts and negotiate with your creditors doesn't mean you "lost it all." I most all those people on that list are still eating better than almost anyone on ATOT.

You want to hear of people who "lost it all"? Read some stories of professional boxers of the 70s and 80s. Some are homeless. Leon Spinks works at McDonalds. Many sad stories.

I work with a boxer from the 80s. Very nice guy and he has some great stories.

 

[CPA]

They act like just because something got foreclosed that they couldn't pay for it. No, it's just that it wasn't worth it to keep since it wasn't making them money. I'm sure they took some loss on a down payment though.

I think bankruptcy is just a way to play the system too. Sure they made mistakes, and may be bad with money, But don't worry these people have millions still.

Bankruptcy forces you to detail your personal assets. If one of these folks had millions of dollars of assets and was still declaring bankruptcy, then the bankruptcy court would take appropriate action, even dismissing the bankruptcy petition.

While I am not a fan of bankruptcy, it's hard to "play the system".

 

[MontyAC]

For some the more you have, the faster you spend it.

 

[T9D]

Bankruptcy forces you to detail your personal assets. If one of these folks had millions of dollars of assets and was still declaring bankruptcy, then the bankruptcy court would take appropriate action, even dismissing the bankruptcy petition.

While I am not a fan of bankruptcy, it's hard to "play the system".

It's not really playing the system in that it's legal the way they set it up sure. But they know how to manipulate it just right to qualify.

All you have to do is have so much debt that you don't have enough money to pay them all. You can still have millions coming in. But if you have millions more in bills then you can go into bankruptcy. You can even have millions in other assets. But with to many bills and debts you'll eventually have nothing if you tried to keep paying them. You can still be rich at the moment.

If a rich star owns all that property they can write in all the market value loss too. They may have bought real estate even knowing they couldn't float it forever, but imagining they could sell it in 5 years and make millions. When that didn't pan out they needed to dump it.

By going into bankruptcy you can either restructure or even qualify to not even have to pay some creditors. Some you may only be liable for half, or even 1/10 of what you owe. Some may be able to get 100% though.

Is does NOT mean they don't have a penny to their name and must use every cent to pay someone back. Most of them could simply foreclose and not pay any of the bills. But by keeping them they can use the loss and go into bankruptcy. Sometimes not even be liable for certain debts anymore, or a whole lot less. Basically a lot of debt is "forgiven" in a way. A good hollywood bankruptcy lawyer will help set that all up just right.

Anyway that was kind of my whole point, they will still be rich when it's over and have money. And next year when that new album comes out or they sign for a new movie, they probably wouldn't even qualify anymore. Just seems wrong to me.

 

[Attic]

When they are on food stamps you can claim they have "lost it all".

 

[BUTCH1]

paul mcartney lost half of his fortune... but he had a shit ton of money and half of that was still like $300 million.

Yea, $50 mil to him was not that big a deal, I'm sure a pre-nup agreement capped her at that amount, Paul's never been accused of being stupid..

 

[Pocatello]

Just the usual suspects, nothing too surprising.

 

[rh71]

investing = gambling ... don't come crying when you lose

same goes for all you waiters out there.

no sorrow felt

 

[Corporate Thug]

I don't know about the rest of the folks, but I believe Vick has a multi-million $ contract right now?

 

[JMapleton]

The most ridiculous thing on that link is they have Paul McCartney and Ralph Lauren on that list. Both are still extremely wealthy. Ralph Lauren still a multi-billionaire and McCartney likely close to billionaire.

 

[BUTCH1]

investing = gambling ... don't come crying when you lose

same goes for all you waiters out there.

no sorrow felt

How Bernie Madoff managed to swindle that many rich people is still mind-boggling to this day, I guess being worth $100 million isn't enough, lets get greedy and get involved with a to-good-to-be-true investment scheme..

 

[BUTCH1]

I don't know about the rest of the folks, but I believe Vick has a multi-million $ contract right now?

True, but he did lose over $100 mil in endorsements that got yanked when he got busted for the dog-fighting charges. He's not sweating rent by any means but he lost the chance to be endorsing products long after his playing days are over..

EDIT: They should update that list with Aron Hernandez, total loser..