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Tom Petty declared bankruptcy in 1979 in an effort to free himself from his contract with Shelter Records.

At the time of Tom Petty’s bankruptcy filing, he had little to show financially for the two hit albums already behind him: 1976’s Tom Petty and The Heartbreakers (featuring the hit singles “Breakdown” and “American Girl”) and 1978’s You’re Gonna Get It! Unhappy with the terms of his contract with Shelter Records, Petty seized upon the sale of Shelter by ABC to industry giant MCA as justification to declare himself, in effect, a free agent.

Petty refused to allow his next album to be released, even going so far as to bear the cost of recording it personally, leaving him some $500,000 in debt. This was when he filed for bankruptcy, hoping to gain leverage in the brewing legal dispute by having the bankruptcy court declare null and void an extremely unfavorable contract that Petty felt he had signed under duress.

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In 1992, Newton filed for Chapter 11 bankruptcy to reorganize an estimated $20 million in debts, much of which was accumulated while suing NBC for libel; he claimed the network had reported that he partnered with the Mafia to buy the Aladdin. His bankruptcy declaration included a $341,000 Internal Revenue Service (IRS) tax lien.

By 1999, he was financially well off again. In August 2005, the IRS filed a lawsuit against Newton alleging that he and his wife owed more than $1.8 million in taxes and penalties.

One of Newton’s tax lawyers disputed that, saying, “We believe the IRS owes him money.”

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Reporters say Tom Brady is definitely having a rough year between football season and with the relationship with his supermodel wife, Gisele Bundchen. According to Forbes Magazine, Brady and Bundchen were named the planet’s most highly-paid couple. After his four-game suspension, Brady is now having troubles with his wife because of his “nasty attitude and irritable act.”


Gisele states that some of the arguments between the two get so bad to the point that she has started consulting a divorce lawyer. While Gisele is still considering options with her divorce lawyer, she is still trying to make things work between her and Brady.


It was discovered that before the football game that 11 of the 12 footballs were underinflated. It was said that Brady knew about this, but did not report it to anybody, causing the suspension without receiving any pay.

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Suzanne never formally filed for bankruptcy, because she was “too embarrassed” to do so, she admits that at the height of her money problems, she was $200,000 in debt.

Two years after the band split up and a steady stream of money was coming in, she was forced to hand the keys to a $710,000 property back.

“At that point I had literally nothing to show for my efforts. No investments, no Isa accounts, no savings, no pension, no nothing,” she stated to The Telegraph. Shaw stated that it took her eight years to pay back every penny she owed.

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The former boyband lead singer Shane Filan was officially declared bankrupt back in 2012, after losing a wallet busting $18 million due to bad property investments.

Filan had to sell the house he designed in 2004, then worth a hefty $3.5 million and then later stated that he couldn’t even afford a $30 toy for his own son.

Just days after his band played to an 80,000 crowd for their fare-well tour, he found out that he only had around $470 dollars in his bank account. Shane reports that going from $18 million to $470 dollars was not something he was particularly proud of.

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Larry King officially filed bankruptcy in the year 1978. The debts that caused his bankruptcy were calculated and was said to be over $350,000. In ’71, Larry was arrested and charged with grand larceny for allegedly stealing $5,000 from a business partner of his.


Those charges were eventually dropped, but the scandal resulted in him being fired from his radio jobs. Thus, leading into his bankruptcy in 1978.


The same year that King filed for bankruptcy, Larry was offered a late-night talk show slot on the radio which eventually led to his own very successful television show, which was named Lary King Live. The show ran on for over 25 years.

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Riddick Bowe is a two time world title champion boxer.  Bowe has been boxing for several years, but quit at only 29. When Riddick retired, his net worth was around $15 million. He spent almost all of it on a total of 10 houses, 26 cars, multiple furs and diamonds, and the accommodations and monthly allowances for his large family.


What brought Bowe bankruptcy was an extremely expensive divorce. He states now that he doesn’t make or have as much money as he used to, but says he gets by everyday just fine.


Though his fortune disappeared, Mr. Bowe said he earns public appearances and still has three homes: one in New York, one in New Jersey, and one in Florida, where he spends most of his time with his wife and daughter.

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On March 28th, Mick Fleetwood filed for a Chapter 7 bankruptcy in the Central District of California, listing assets of $2,404,430 and debts of $3,697,163. After a hearing on May 29th, all of his assets were turned over to a court-appointed trustee, Arnold Kupetz.

“Our job is to take possession of everything Mr. Fleetwood owns, to sell it and make a distribution to the creditors and the tax people,” says Jan Copley, an attorney assisting Kupetz.

To satisfy creditors, Copley and Kupetz have attempted to sell Fleetwood’s $2.2 million Malibu home – known as the Blue Whale – and have arranged with BMI to receive all royalties due him, including one-third of the proceeds from Fleetwood Mac Music, which holds the rights to the band’s hit songs.

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Marvin Gaye was known as one of the greatest soul singers of all time. Gaye had numerous single hits that was number 1 on the charts several times. All of his fame and success was taken down financially by a divorce. Marvin filed for bankruptcy in 1976, after failing to keep up with alimony payments.

According to reporters, Gaye owed over $600,000 to his ex-wife. Marvin told his ex-wife that she could have the royalties to his next album, which was actually about his feelings towards the divorce. Although he kept performing, Marvin was still dealing with financial issues including drug problems as well.

After what seemed for him to be making a comeback with another album that he released, Gaye passed away in 1984, the day before he turned 45. The cause of death was a heated argument between Marvin and his father, causing his father to kill him.

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Leah Messer has been making headlines left and right for her addiction to prescription medication, which she has denied several times. It was said that Leah told her mother that she was becoming independent on pain medication during an episode of Teen Mom 2.


Messer has stated that she had to leave her babies for over a month, and did it without crying. She says she had to do this for her kids, because her happiness was “fading away.”


It was seen that Leah was fighting for custody for her kids while getting the divorce with Jeremey Calvert, and also being faced with the allegations of drug use from her ex-husband, Corey Simms.