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.