Bankruptcy Can Happen to Anyone Says Iowa Bankruptcy Lawyer
Des Moines, IA (Law Firm Newswire) October 7, 2011 – Bankruptcy does not respect age, social status or famous people. If it is going to happen, it will, no matter who they are.
“I get asked this question a lot, and my answer is usually the same thing,” said Kevin Ahrenholz, an Iowa bankruptcy lawyer. “The question is ‘Am I the only person in the world who can’t manage money?’ and my answer is no, they are not alone, and even famous people have had to declare bankruptcy. Some people find it reassuring to know a famous star or entrepreneur faced the same thing they are going through.”
One of the more well known stars that declared bankruptcy was MC Hammer, who was a big name in the 90s. He used to have a huge entourage travel everywhere with him. Once day it hit home that he was paying a staff of 300 people at least $500,000 a month. By the time 1996 rolled around, he had to file for bankruptcy protection, because he owed at least $13 million, with about $100,000 of that money earmarked for the IRS.
Ever watch “Smokey and the Bandit” with Burt Reynolds? “If you have, you may be familiar with the high rolling lifestyle of Mr. Reynolds, which included a ranch, a helicopter and several mansions,” said Ahrenholz. “He had life pretty good, but thanks to choosing some not so smart roles to play in movies, his income took a hit. Then, his wife divorced him. He declared bankruptcy in 1996 as well, and filed for Chapter 11, citing well over $11 in debts.” In this instance, with a Chapter 11 bankruptcy he kept his Florida home and paid back a portion of what he owed over two years.
And who does not know the story of country singer Willie Nelson? He was a high roller and a stellar boss who paid his staff well but got in over his head trying to support his entourage. The IRS got fed up with waiting for their $16.7 million in overdue taxes and seized his ranch, gold records and all of his bank accounts. “He landed on his feet,” explained Ahrenholz, “by recording an album called “The IRS Tapes: Who’ll Buy My Memories” and also landed a job as the pitch man for Taco Bell. All his bills were paid off by 1993.”
The list of famous and infamous people to go bankrupt is long and legendary and includes Larry King, actor Don Johnson, boxer Mike Tyson, singer Wayne Newton, actress Kim Basinger and singer Cyndi Lauper.
“While it is tough to make the decision to file for bankruptcy, I am here to help you through the maze of rules and regulations,” said Ahrenholz. “If you have questions about whether or not this is the right decision for you, then give my office a call. The first consultation is free.”
309 Court Ave., Suite 805
Des Moines, IA 50309
Offices in Des Moines, Cedar Rapids, Waterloo, Mason City, and Vinton.
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