*Former “CSI” star Gary Dourdan can’t handle his financial troubles anymore, so he filed for Chapter 11 bankruptcy in hopes he can start from scratch, says TMZ.
He filed paperwork on August 30, and according to the documents, has a little more than $1.8 million in assets; but he owes the ‘man’ more than he’s worth.
Most of his debt has accumulated from missing mortgage payments. He actually doesn’t have much more than his home.
Other assets include his $200 in cash, bank account, furniture, books, a few clothes and a couple of watches. He’s also got a car, but it’s not worth much.
Allegedly, he’s got only $321 a month in disposable income, claiming his bills eat up his cash.
Someone needs a new accountant.
*Allen Iverson isn’t working, but he’s making a nice living – $62,500 a month.
But the former NBA star is living a lifestyle way beyond his means, spending $358,376.66 a month according to an entertainment watchdog website.
TMZ reports that more than $125,000 of his money is going toward paying off several creditors, including his jeweler and mortgages. And his Atlanta home is going to be auctioned off soon.
His spending is more than out of control. He spends $10,000 on clothing each month, along with $5,000 on entertainment and another $5,000 at restaurants.
Iverson made more than $150 million during his NBA career, but at the end of each month, he falls almost $300,000 further into debt.
*Credit card companies will get that money, by any means necessary.
Producer Sean Garrett thought he could get away with being cool and being famous; and just skip paying his American Express bill.
He was wrong. There’s no such thing as forgive and forget in the credit world, minus bankruptcy.
According to TMZ, AMEX successfully sued the producer responsible for hits with Beyoncé, Usher, and Nicki Minaj. The judge ordered him to hand over a nice hefty $108,084 to the credit company.
But the sad part about this whole thing is that he’s knee deep in debt, and the light doesn’t seem to be peeking through anywhere for the producer.
The state of Georgia filed a tax lien against him earlier this year for more than $1 million for tax years 2006, 2007, and 2010.
Damn Sean! Who is your financial advisor?
*Evander Holyfield has 99 problems and his kids are one.
According to recent reports, the former heavyweight champion is neck deep in child support debt, amounting to more than $500,000.
TMZ first reported that the legend owed $372,097.40 in back child support for his 18-year-old daughter, Emani Holyfield.
But he was recently held in contempt of court for failing to pay $563,900.91. He was ordered to pay $2,950 a month to clear the incredible debt. He cut a check for $17,700 to help a little.
He now owes 546,200.91.
The battle has just begun.
TMZ says it has obtained the first accounting that MJ executors filed … showing exactly how much money Michael owed when he passed away on June 25, 2009 … and how much the estate has made since — and the numbers are astounding.
According to the documents, the estate has already made more than $310 million since MJ’s death.
Documents show excecutors have already spent roughly $159 mil paying back various debts, income taxes and other expenses such as providing “uninterrupted support for Mrs. [Katherine] Jackson and Michael Jackson’s children as Michael intended.”
The estate has also paid for Katherine to make “substantial improvements” to the family’s famous Havenhurst estate in Encino, CA.
Executors have also shelled out cash to “pay last illness and funeral and memorial service expenses.”
In addition to the $400 million in debt — MJ’s estate had $40 million in liabilities to concert promoter AEG stemming from the “This Is It” tour … which MJ was rehearsing for when he died.
The documents show the estate received more than 65 creditor’s claims — with some of the debt accruing interest at “extremely high” rates.
The MJ executors admit the estate still faces several lawsuits in multiple countries.
The executors also claim they have “successfully rebuilt and enhanced Michael Jackson’s image” since they’ve been empowered to run the estate.