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In celebrities’ everyday life, they have to live it through the spotlight, through the good and bad. Of course when it comes to the good things celebrities embellish the attention it to the fullest, which sometimes leads the bad moments.

No one wants to show off the bad times in their life, but unfortunately celebrities don’t have a choice on what the media decides to cover of their life.

One occurrence that tend to make headlines is when celebrities file for bankruptcy. There are different types of bankruptcy so of course they aren’t always totally broke when they file for it, but that is the first thing people thing of when they hear it.

Recently singer Toni Braxton filed for bankruptcy, for a second time. The first time was back in 1998 when Toni Braxton had three failed business causing her a $5 million loss. This time around Toni Braxton is saying she could owe up to $50 million in debts owed.

We hope she can get out of this!

But Toni isn’t the only celebrity with money troubles click to the next page to check out more celebs that have filed for bankruptcy in the past.

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Teresa Giudice

One of the stars of Bravos hit show, Real Housewives of New Jersey, Teresa Giudice filed for bankruptcy in June 2010. It is said that the Housewives star owes $8.7 million, saying the economy’s downturn has had an effect on her hubby’s real estate business.

We will have to see how this plays out.

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Perez Hilton

We known him as owner of one of the most known celebrity gossip pages, but back in 2005 Perez Hilton, real name Mario Lavandeira, filed for bankruptcy. Back when he was a college student Perez had $50,000 worth of credit card debt.

Of course Perez is singing a different tune now!

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Mike Tyson

The former boxer Mike Tyson, filed for personal bankruptcy and for his company Mike Tyson Enterprises, back in 2003 for $27 million in debt.

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M.C. Hammer

The once household name, M.C. Hammer filed for bankruptcy back in 1996 for being $13 million in the hole. It was reported that the rapper handed out about $500,000 a month to 300 people listed on his payroll.

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Gary Coleman

The late actor Gary Coleman filed for bankruptcy back in 1999. His reason was long-term medical problems and mismanagement of his funds.

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Latoya Jackson

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