Famous Bankruptcies in the Music Industry

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by: Keith Cooper
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Word Count: 546
Date: Wed, 17 Nov 2010 Time: 6:42 AM
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Money problems can affect anyone, even the rich and famous. Some celebrities have had so much difficulty controlling their spending and managing their finances that despite earning vast amounts of money, they have ended up bankrupt. Here are some examples of the most extreme cases.

Stanley Kirk Burrell is the real name for 1980's rapper and dancer MC Hammer. He is not only famous for hit songs such as "U Can't Touch This", amazing dance routines and baggy trousers but also for wildly overspending and going bankrupt in spectacular fashion. In 1996 MC Hammer had to file for bankruptcy after accumulating debts in excess of $13 million. Some examples of his ludicrous lifestyle and poor financial decisions are the $30 million he spent on an enormous mansion and maintaining a $500,000-a-month payroll for his entourage. As a result of this MC Hammer became a laughing stock in the music industry and a cautionary tales for all musicians on how important it is to manage their money carefully. There is hope though as MC Hammer has continued to release new music and has also hosted a television show. While he has not reached the heights he achieved in his prime, he is currently back in the black.

American singer-songwriter and actress Cyndi Lauper had a string of hits in the mid-1980's with songs like "Girls Just Want to Have Fun" and "Time after Time" but in the early years of her career she experienced a lot of financial problems. In fact, before Cyndi released the successful album "She's So Unusual" in 1983, she was enduring some really hard times. In 1977 she strained her vocal chords and was told by doctors that she might never sing again. In 1980 she was forced to file for bankruptcy after the manager of her band "The Blue Angels" filed an $80,000 dollar lawsuit against them. Thankfully she overcame these trial and tribulations and went on to have a very successful career, which continues today.

Jerry Lee Lewis was born into a poor family in Louisiana in 1935 and went on to be pioneer Rock and Roll and ranked as one of the one hundred greatest artists of all time. However Lewis's popularity declined and his career suffered badly when he made the decision to marry his young cousin. In 1988 he was forced to file for bankruptcy and the IRS repossessed his home to cover outstanding tax bills. At this point he is believed to have had no assets of any value and been approximately $3 million dollars in debt. He did bounce back though with the release of the successful concert DVD "Last Man Standing Live" and he is still producing new music today.

These three are just the tip of the iceberg however, as many other artists and music industry people have suffered serious financial problems. The CEO of Death Row Records, Marion "Suge" Knight, filed for bankruptcy in 1996, country music star Tammy Wynette filed for bankruptcy in 1988 following two failed investments in Florida shopping centres. There are many other examples of artists overspending during the height of their fame and suffering the consequences in the later years. It just shows how important careful financial management is for everyone.

About the Author

Keith Cooper is a keen blogger and writer for many debt management and bankruptcy information sites, he has also worked for one of the biggest debt related organisation in the UK with over a decade of experience in theindustry.