Riches to Rags: Famous Bankruptcies

Actor Stephen Baldwin filed for chapter 11 bankruptcy Tuesday in New York. Records show that Baldwin owes $1.2 million in two mortgages, more than $1 million in taxes and about $70,000 in credit card debt.

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Riches to Rags: Famous Bankruptcies

Average people aren't the only ones who struggle with financial hardships. These celebrities just go to show that the more you earn, the more you can lose.

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