Anyone who has filed for bankruptcy protection before often seeks comfort in knowing they are not alone in their financial situation. Bankruptcy can happen to anyone, including the wealthiest Americans. Consider that Andy Gibb, Gary Coleman, Kim Bassinger, Zsa Zsa Gabor, Rocky Bleier, Billy Sims, Lawrence Taylor, Larry King, Mike Tyson, Ed McMahon, Johnny Unitas, Stephen Baldwin, Tony Gwynn, Bernie Kosar, Sinbad and Donald Trump are just a small sample of celebrities who filed bankruptcy at some point.

Below is a list of some of the celebrities who filed bankruptcy in 2010.

  • Sonja Tremont-Morgan (Real Housewives of New York City). She filed Chapter 11 in November 2010, listing $19.8 million in debt and $13.5 million in assets in her bankruptcy petition.
  • Derrick Coleman (Former #1 pick of the NBA draft) filed chapter 7 bankruptcy in March 2010, saying he owed his creditors nearly $4.7 million. He listed assets of just $1 million.
  • Toni Braxton (R&B singer, who has sold over 40 million albums) filed chapter 7 bankruptcy in October 2010. This was her second filing, as she previously filed in 1998. She listed debts of between $10-$50 million and assets of between $1-$10 million. She stated she would like to keep her home, which she owes $1.6 million but is worth only $1.2 million. She wants to work out a modification.
  • Antoine Walker (Former NBA All-Star) filed chapter 7 bankruptcy in May 2010. Even though he made $110 million in his career, he listed his assets at only $4.3 million.
  • Mark Brunell (Former NFL Pro-Bowl quarterback) filed Chapter 11 bankruptcy in June 2010. He earned over $50 million during the past 10 years, but failed real estate investments forced him to file.
  • Dermontti Dawson (Former NFL Pro-Bowl offensive lineman) filed Chapter 7 bankruptcy in July 2010. He listed his assets at $1.42 million and his debts at $69.66 million.

The following celebrities did not file bankruptcy in 2010, but have encountered financial troubles:

  • Teresa Giudice (Real Housewives of New Jersey) actually filed her Chapter 7 bankruptcy along with her spouse in 2009, but is being mentioned here because on September 2, 2010 the United States Trustees Office filed an objection to her discharge, which is still pending.
  • Nicolas Cage (Actor) did not file bankruptcy in 2010, but did lose his Bel-Air, California home to foreclosure in April 2010. The home was once listed at $35 million.
  • Julius Dr. J Erving (Former NBA All-Star and World Champion) did not file bankruptcy in 2010, but saw his 6,700-square foot house in Utah enter foreclosure in December 2010. The house, located in St. George, Utah, is worth $2.23 million.

This list is hardly inclusive of all celebrities who encountered financial trouble in 2010, but does go to illustrate that even those with considerable assets are not immune to financial pitfalls, even bankruptcy.

By Peter Bricks, P.C.

With offices conveniently located in Atlanta, Cumming, Dunwoody, Jonesboro, and Woodstock.