Rock Legends Who Went Bankrupt

Many music stars live glamorous lives, but money troubles can happen to anyone. Some of the biggest names in music have gone bankrupt for different reasons.

1. Meat Loaf
After rocketing to fame with Bat Out of Hell and the Rocky Horror Picture Show in the late 1970s, Meat Loaf’s career took a nosedive in the 1980s. Financial problems forced him to file for bankruptcy in 1983. This marked a sad turn of events for the singer who had once dominated the charts.

2. Ted Nugent
Ted Nugent’s bad luck with managers led to bankruptcy in 1980. A string of poor financial decisions by his advisors left him in a difficult spot. Nugent would later learn the importance of surrounding himself with competent financial guidance.

3. Marvin Gaye
Despite being a musical legend, Marvin Gaye fell behind on alimony payments to his first wife. This financial burden led him to declare bankruptcy in 1976. The legal battle strained Gaye’s finances and cast a shadow over his personal life.

4. David Crosby
Drug addiction took a toll on David Crosby’s career in the 1980s. Arrests and legal trouble followed, leading to bankruptcy just a few years later. Crosby would spend years battling his addiction before eventually getting sober.

5. Billy Joel
Even superstars aren’t immune to financial woes. Billy Joel’s manager stole millions of dollars from him, forcing him to file for bankruptcy. The betrayal by someone he trusted left a bitter taste in Joel’s mouth.

6. Leif Garrett
Drug problems plagued Leif Garrett throughout the 2000s. Multiple arrests for drug possession and rehab stints culminated in a bankruptcy filing in 2001. Garrett’s struggles with addiction would become a cautionary tale for young stars.

7. George Clinton
George Clinton, the “Father of Funk,” never saw much financial reward despite his success. Bad deals with his record company and losing control of his music rights left him strapped for cash. Clinton’s story highlights the importance of musicians understanding their contracts.

8. Isaac Hayes
Isaac Hayes’ love for spending and trusting the wrong people ultimately led to his downfall. Bad financial decisions caused him to file for bankruptcy in 1976. Hayes’ experience serves as a reminder of the dangers of excessive spending.

9. Willie Nelson
The IRS came knocking for Willie Nelson in 1990. Years of unpaid taxes resulted in a hefty bill of millions of dollars. When he couldn’t pay, the IRS seized his property. Nelson’s tax troubles forced him to launch a series of benefit concerts to raise money.

10. Jerry Lee Lewis
Despite strong record sales, Jerry Lee Lewis somehow ended up with a mountain of debt by 1988. With no assets to his name, he declared bankruptcy that year. Lewis’ financial woes remain something of a mystery to this day.

11. Mick Fleetwood
Mick Fleetwood, the drummer of legendary rock band Fleetwood Mac, took a break from the group in the early 1980s. During this time, he ran into financial difficulties and filed for bankruptcy in 1984. Fleetwood would eventually rejoin Fleetwood Mac and continue to find success.

12. Ron Isley
The IRS finally caught up with Ron Isley for years of unpaid taxes. In 1997, they seized his belongings, forcing him to declare bankruptcy. Isley’s case serves as a warning to musicians about the importance of filing taxes properly.

13. Tom Petty
Tom Petty’s record company took advantage of him early in his career, taking most of the profits from his first albums. He fought back legally but ended up filing for bankruptcy, even though he wasn’t truly broke. Petty’s battle with his record company highlighted the unfair contracts some young musicians face.

14. Harry Nilsson
Harry Nilsson’s manager betrayed him in the worst way, stealing millions of dollars and leaving him with almost nothing. With no other options, Nilsson filed for bankruptcy in 1994. Nilsson’s story is a tragic reminder of the importance of choosing trustworthy business partners.