Stephen Baldwin Files for Bankruptcy

July 22, 2009 By:
Stephen Baldwin Files for Bankruptcy

Stephen Baldwin, brother of Emmy winner and "30 Rock" star Alec Baldwin, is the latest celebrity to fall victim to the recession.

The I'm A Celebrity... Get Me Out Of Here star filed for bankruptcy on Tuesday, after landing in more than $2.3 million worth of debt.

Baldwin filed for Chapter 11 protection claiming he is millions in debt, but only owns a property worth $1.1 million. His wife, Kennya Baldwin, is also named in the filings.

According to reports, he owes $1.2 million on two mortgages on the property and more than $1 million in taxes, as well as $70,000 in credit card debt. Don't these stars have money managers?

It's strange to think that average people with good money management skills actually have more money than most celebrities.

We're only hearing about Stephen's money problems because he had to file for bankruptcy, but there are so many more celebrities that don't have a dime to their name. Makes you wanna save your pennies!