Even the rich and famous can’t seem to escape the recession, especially when their fame peaked long ago.
Stephen Baldwin, the star of films including “Bio-Dome” and “The Usual Suspects,” filed for Chapter 11 bankruptcy protection in New York Tuesday.
The court documents show that the 43-year-old actor and his wife, Kennya, owe more than $2 million, Reuters reported.
The Baldwins owe a reported $1.2 million on two mortgages for their home in Rockland County, N.Y., valued at $1.1 million. Court filings also show the actor owes $70,000 in credit card debt and more than $1 million in taxes.
An auction for the home originally scheduled for July 24 had been rescheduled for today, the Journal News of White Plains, N.Y., reported earlier this month.
The born-again Christian and brother of actor Alec Baldwin paid $515,000 for the home and 1.4-acre lot in 1997, according to the AP. The star has recently been appearing on reality shows such as “The Celebrity Apprentice,” and “I’m a Celebrity… Get Me Out of Here!” where he baptized Spencer Pratt.
After unsuccessfully trying to sell the house in 2006, Baldwin and his wife Kennya have defaulted on over $824,000 in payments to their mortgage, according to the AP.
Baldwin is just one of a long list of celebrities with financial problems. Hit by tough times and lack of opportunities, stars, including Lenny Dykstra, Victoria Gotti and Annie Leibovitz, have been hit by tough times. Some have had to put their multimillion-dollar homes on the market, declare bankruptcy or seek foreclosure.
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