Why do the mega Rich (like movie stars) file bankruptcy?
113542
So they don't have to pay their outstanding debts. So they can continue to be totally useless members of society without footing the bill for their extravagant nothingness.
1139131
either way you will need a bankruptcy attorney. the purpose of the corporation is to protect your personal assests no matter how big you are. if you used any personal property to gaurantee anything you can lose it. anything you personally agree to cover is a binding contact. but there are new laws now that make it harder to file.
298344
Well, I think what has been going on is driven by economics. The reason that great ideas are not coming up anymore is that pure film screenwriters are less in demand and so less paid. The reason being is that movies are not so much a focus of many people's lives anymore with so many other distraction like TV, I-pods, internet chat etc.. as technology advance. So the movies industry is oging through a slow phase of creative destruction to leave room for other diverisons in our lives. yes, certain movies do make mega bucks but if you look at the average film and its revenue per person adjusted for inflation, the heyday era of movies is a long lost memory. I don't think we will ever see a day like the fanfare surrounding the opening of gone with the wind. I suggest you look it up online. It was like a 3 day holiday/celebration in all over the country before the film premier. Hope this helps
50588
Time, hard work, and perseverance.  But, it also takes one heck of a good idea with the money to back it up in the first place, and you need to know the "right" people, (or rob a bank) and have to be in the right place at the right time.  Or, if you were the President of a country, or something like that, I'm sure some money would come your way.  Oh, if you were a movie star, you'd have lots of milions!  Yeah, it takes really hard work.......but the odds are against you.  But nothing is impossible.  Good luck.
108719
I think people who don't have great wealth desire it because they think it will bring happiness.  Sure it would be nice to live comfortably, but money does not necessarily bring happiness.  I know several millionaires from when I worked in oil & gas in Houston and they were mostly miserable souls. They fought over more & more money and worried constantly about how to keep from losing it. Their kids were on drugs and had alcohol problems in and out of rehab.  I'm basically poor, but I've never been happier at this time in my life.
291988
I guess to appreciate the new law you have to be on the "receiving" end.\n\nMy sister was renting her house to someone. After a few months of hardship stories, she finally had to start evicting them after $2000 in back rent had accumulated.  \n\nThen they filed for bankruptcy.  \n\nThen 2 days after the creditors meeting, they apply and get a brand new mortgage, putting down $5000 on the loan.\n\nThat's abuse of the bankruptcy system.\n\nNow, on the other hand, we see the 78 year old retiree who runs up $20,000 in medical bills.  No way to ever catch up, rent runs behind, credit cards get maxed out.....\n\nOr the husband with 2 kids, factory worker getting $25 an hour and thinks his job is secure.  Gets laid off, can't find any jobs that pay more then $9 an hour.  Wife can't work cause she's raising kids.......\n\nIn both of these cases, creditors don't care.  They want their money.  Collection agents relently hound and threaten them.\n\nYeah, I know both sides of the story.
681323
I've always wondered that myself. My guess it that the actors do it for free, because the get advertising for their new movie.  Then they don't pay the tonight show because they're giving a free appearance which ups the ratings. So probably no money changes hands.  Maybe airfare or something depending on how big the star is.
192403
My ex-husband's car was repossesed. Then when he didn't pay off the balance due, they tried to come after me because my name was on the original loan. What a mess. No bankruptcy for me, but I know people in both Florida and California that have worked after filing bankruptcy.
573744
Because you said it celebrity. They can afford the best\nlawyers which make all the difference in the world.
658965
I want to know how creditors let then end up in debt again, come one, you couldnt handle it the first time, what makes this time different.\n\nAlso, yes, all the people ive known who have filed bankruptcy are in debt yet again and cant handle it.
741813
It's a ploy by Hollywood to keep people from pirating their movies. They have to set examples by suing someone. Look at the case against Napster-it was a similar intent by the record companies to keep people from cutting into their massive profits.
479328
There are certainly many athletes who seem to have no idea how to handle the riches that come with their success--and act like it.\n\nHowever, you put this question in the baseball category, and it does seem as though fewer of those players are quite as conspicuous with their wealth.  Then again, there are very few baseball players with big contracts who are just out of high school.\n\nAn increasing number of athletes are wisely permitting experienced business and money managers to handle their finances.  They often incorporate players into businesses to obtain tax advantages, invest their incomes, pay out allowances for the player, his family, and whoever else may have their hand out.
50916
They will make it very difficult or impossible to file chapter 7.  You will probably have to file chapter 13 which means repaying at least partially your debts.  It also increases the cost and complexity of the process.
902981
Well, that's how the system works.\n\nNone of the fat cat business people had an easy start.  They had to work their butts off to make the business stand first.  Most Corporations share their Profits with their Staff and a few really work for the Organization while most goof off and then crib about the rich boss.\n\nI worked my butt off to build my own Company and I give a fair share to my guys.  Of course, I don't tolerate layabouts and goof offs because they pull the rest of the Team down.\n\nThose are the guys you'll see always complaining about the way the fat cat businessman who heartlessly sacked them.\n\nBut then, who gives a damn?\n\nOh, and of course, everybody bitches about the celebs, too.\n\nYou should see the hate and envy that Arnold Schwarzenegger gets!?\n\nIt's unbelievable.
1097863
Sounds like a situation I am going through.  They're ruthless scavangers who intimidate people by calling their debt collecting business a big shot law firm.  I wouldn't give them a dime until you are fairly represented.  Definately talk to a lawyer and have him or her defend you in court.
1155948
Hollywood simply does what they think will make money.\nIf a movie makes money, the very first thing the studio talks about is, "Sequel!"  If they can get the cast back together (or at least some of them), if their focus tests show the public wants another movie, and if they can make it within a budget, it'll get made.  Simple as that.  While hardly any sequels do as well as the original movie (most exceptions are those that were planned as multi-film projects to begin with, like Star Wars, the Matrix, etc.), they almost always do nearly as well, and almost always make money.  If everyone stopped going to see them, Hollywood would stop making them :)
1164177
I agree with the concept of your complaint. However, there are many celebs that do donate a decent amount of money (it is a tax benefit to do so, so of course they do!). Many even have their own foundations. \n\nHowever, you are correct in that they tell us to conserve, use less, donate, etc etc and then jet around in private jets, Hummers, air condition 12,000 square foot homes, have yachts and fleets of cars, and the sordid list goes on. That is what I find to be even worse. Conservation is fine for the peons, but certainly not for the demi-god celebs!