Famous Musicians who have Filed Bankruptcy
Bankruptcy evoke a variety of emotions . . . from shame to embarrassment to grief. While all of these are natural reactions, it is always good to know that you are not alone. Last year, over 1.7 million people petitioned for bankruptcy for many different reasons. It may be helpful to know that life does go on. You can still be successful. In fact, bankruptcy may be the first step toward renewed financial freedom and a fresh start. Let’s look at some famous musicians who have filed and still went on to be successful in their industry.
David Crosby is a guitarist, singer and songwriter, was a member of several bands, including the Byrds and Crosby, Stills, Nash and Young. He filed for bankruptcy in 1985 as his solo career was failing. Crosby is still recording and singing.
Marvin Gaye, filed for bankruptcy in 1976 after an expensive divorce and tax problems. Bankruptcy never stopped him from coming back. In the 1980s, he released some of the most well-known songs of his career, including the Grammy-winning “Sexual Healing.” In 1984, however, Gaye’s life was cut short when he died at the age of 45. In 1987, he was inducted into the Rock and Roll Hall of Fame.
Cyndi Lauper a pop singer, filed bankruptcy in 1981 after splitting up with her band, Blue Angel, and being sued by her manager for breach of contract. In 1985, she released her hit “Girls Just Want To Have Fun.”
Jerry Lee Lewis the famous rock ‘n’ roll star who sang “Great Balls of Fire,” filed for bankruptcy in 1988 because of huge tax debts. The Internal Revenue Service seized his cars, furniture and baby grand piano. Agents even showed up at his concerts to collect ticket sales. He has since recovered from bankruptcy and still performs.
Dione Warwick, (1940- ), Grammy award winning singer, filed Chapter 7 in 2013 due to mismanagement of her business affairs and owing more than $7 million to the IRS.
MC Hammer (Stanley Burrell) musician and entertainer, filed for Chapter 11 bankruptcy in 1996 because he did not have the income to support his lavish lifestyle and defend all the lawsuits that were filed against him.
Jay Black . . . singer/rock star; lead member of “Jay and the Americans” (1986).