Celebrity Bankruptcy Filings

I came across the attached list while reading one of my ultra dry scholarly magazines. The title of “Lights, Camera, Bankruptcy!” was catchy and the list of celebrity filers woke me up and focused my attention.

Check out the list of “Real Housewives” — according to the article there have been 67 female cast members which results in a filing rate of 1 in 11. Far in excess of the national average in America where about 1 in 350 people seek protection per year.

Aside from that small sample size, the article authors conclude that the bankruptcy filing rate for “celebrities” is actually far below the general rate for all Americans. Not surprising since their income is, generally speaking, substantially higher. The other thing that can be learned here is that tough times really do hit people in every walk of life.

Source: “Lights, Camera, Bankruptcy!” by Ed Flynn and Charles Bowles in American Bankruptcy Institute Journal of September 2014.

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