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Posted On: March 30, 2011 by Scott Sagaria

Five Celebrity Bankruptcies

Bankruptcy happens to celebrities as well as common people. Singer and musician Billy Joel filed bankruptcy three times in his lifetime. The last filing occurred in 2009 due to mishandling by his manager who was also his ex-brother-in-law.

Donald Trump, billionaire and host of The Apprentice, has also declared bankruptcy three times in 1992, 2004, and 2009. Filing caused him to liquidate Trump Plaza Hotel, Trump's Atlantic City Hotel and Casino, and Trump Entertainment Resorts.

Ed McMahon filed in 2009 prior to his death due to delinquent mortgage payments. He co-hosted the Tonight Show With Johnny Carson from 1962 to 1992, hosted Star Search from 1983 to 1995, and co-hosted the Jerry Lewis MDA Telethon from 1973 to 2008.

Actor and musician Willie Aames incurred debts totaling over $350,000 which prompted him to file in 2008. He portrayed Tommy Bradford from 1977 to 1981 in Eight Is Enough and Buddy Lembeck in Charles In Charge with Scott Baio from 1984 to 1990. 

Actor Don Johnson filed in 2004 due to delinquent mortgage payments on his Colorado ranch. He portrayed Sonny Crockett in

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