Bad debt and bankruptcy can strike anyone at any time. Even some of the world’s biggest celebs have found themselves struggling to repay their debts and subsequently having to file for bankruptcy. In the UK, as many as 8 million families are living in debt – a harrowing figure considering that the UK’s population is only 64.9 million.
Bouncing back from bad debt isn’t always easy but it can be done regardless of whether you are a regular pleb or a high-profile celeb. Bad debt may have slowed them down but a lot of celebs such as Westlife’s Shane Filan and 50 Cent soon found themselves soaring again after meeting with economic despair.
Shane Filan lost it all during the recession
Former Westlife singer, Shane Filan was forced to file for bankruptcy in 2012 after he found himself with debt of roughly £20.5 million. According to a report published in the Daily Star, Shane’s debt was a result of property-related losses suffered during the recession. Shane became interested in real-estate in 2004 but ended up piling all his savings into what was a booming house market at the time. The banks were only too happy to extend loans to the popular boy-bander and soon Shane was in way over his head. When the Irish property market went bust Shane was faced with repayments of nearly £55,000 a month pushing him to sell everything he had just to stay afloat. When Westlife, however, decided to call it a day in 2011, he had no choice but to file for bankruptcy. Shane never lost hope and thanks to Westlife manager Louis Walsh, Shane was able to repay half of his debt by mid-2013. Today he is debt free and adamant to never find himself in a damaging financial situation again.
50 Cent’s spite cost him a fortune
Despite being worth an estimated £119 million at one point, Curtis Jackson, who is better known as 50 Cent, had to file for bankruptcy in 2015. The filling came a mere 3 days after he was ordered by the court to pay £3.8 million to Lastonia Leviston, the ex-girlfriend of 50 Cent’s rival Rick Ross after he posted her sex tape online. It is hard to believe that a seemingly successful rapper would have financial problems, especially to the extent of owning creditors as much as £17.6million. A mere two years after being declared bankrupt though, 50 Cent was discharged from it when he managed to settle all his debt. He used £7.1million of his own money together with £10.5million he received in a legal settlement from a malpractice lawsuit against a firm of attorneys.
As worrying as it may be to find yourself faced with financial troubles it is good to know that celebrities face similar tribulations. While it is true that celebs may find it easier to find the means to rectify their bad debt, they also tend to have much larger financial problems than the Average Joe. As long as you keep your wits about it and focus on clearing your name, financial health and well-being may be a lot closer than you think.