Kerry Katona - Celebrity Spokewoman for Going Broke??

According to a recent article published in The Sun...

KERRY Katona has been slammed for "inspiring" more women than ever to let themselves go bankrupt.

The reality TV star, 31, has been branded a "bankruptcy role model" following her well-publicised struggle to organise her finances.

And latest figures show that 14,827 women were declared broke in the second quarter of 2011 thanks to being unable to control spiralling credit and store card repayments in their bid to chase a WAG lifestyle.
Women now account for a record level of 48 per cent of personal insolvencies, with those aged 18 to 35 overtaking men for the first time.

Former I'm A Celebrity winner Kerry declared bankruptcy in 2008 over an £82,000 outstanding tax bill.
Mark Sands, head of personal insolvency at RSM Tenton, said: "People blame female money troubles on almost everything from a culture of consumption to alleged 'bankruptcy role models' such as Kerry Katona.
"Spending habits and attitudes to debt have changed over the past generation at the same time that women have achieved ever greater levels of financial independence.

"As women become more and more independent, lenders see them as a more and more lucrative market.
"There's an element of truth that the offer of buying handbags with pricey store cards is sending more and more women bust."

Read the original article here.

Read the rest of this entry »

Posted in 50 cent bankruptcy , Celebrity Bankruptcy , celebrity debt , Kerry Katona bankruptcy , women in debt

The Broke and The Beautiful

The Wall Street Journal has added a new section to their website, a weekly column that focuses on beauftiful people who are, well broke.

This week their column showcased actress Eva Longoria, Rapper 50 Cent, R Kelly and of course, the LA Dodgers.

According to the column, "Eva Longoria may be playing a town mayor in her new movie, but the “Desperate Housewives” actress was on the other side of the bench Wednesday. According to Vegas Inc., attorneys for creditors Mali and Ronen Nachum—who have been battling Longoria’s Beso LLC for money—responded to the closure of Beso’s Eve nightclub by picking up some dance moves of their own, in the form of an emergency motion for a trustee for the business. The Nachums say that a trustee could review Beso’s financial records and see whether it made sense to close Eve, noting the closure of the business’s “most important asset” is a big concern for Beso’s feasibility.

But Beso isn’t the only one on the roulette wheel this week. Las Vegas’s “original celebrity chef,” André Rochat, filed for Chapter 11 protection along with his restaurants located at the Palms Casino Resort and the Monte Carlo. As Bankruptcy Beat reported, Rochat’s Alizé and Andre’s took on too much debt while the economy tanked. Next on the menu: finding a way to reorganize.

Rapper Young Buck found 50 Cent in the club this week—the bankruptcy-court club. Bankruptcy Beat reported earlier this week that 50 is fighting his former protégé’s bankruptcy-exit plan, querying as to just how Young Buck will manage his business affairs post-bankruptcy. Unfortunately, it looks like it’s too late in the game for Young Buck and his former mentor to bond over a bottle of bub.

A bottle full of bubbly is just what R. Kelly might need, though. As Developments reported, the hip-hop artist might lose his mansion to foreclosure. But R. Kelly isn’t the only hip-hop artist to be trapped in the financial closet. (See Chamilionaire and Xzibit, for example.) As Developments noted, all of this brings up questions on such artists’ inner thoughts about debt obligations and the economy".

To read the entire article or to subscribe to the new Wall Street Journal Column, visit their website.

Read the rest of this entry »

Posted in 50 cent bankruptcy , broke and beautiful column , Celebrity Bankruptcy , celebrity debt , eva longoria bankruptcy , r kelly bankruptcy , Wall Street Journal