Tuesday 12th of January 2010
Celebrity Big Brother contestant actor Stephen Baldwin owes around £1.5 million on mortgages, unpaid taxes and on credit cards and filed for bankruptcy in July last year.
Bankruptcy was lodged by the 43-year-old, who is said to be relying on the £150,000 appearance fee so he can provide for his wife Kennya and their two daughters Alaia, 16 and Hailey, 13.
People who also face owing thousands of pounds on credit card debts may want to avoid being declared bankrupt because of the serious consequences this can have, although they may not be fully aware what bankruptcy is.
As well as the risk of a family home being lost, bankruptcy is often a public affair and local newsletters can reveal bankruptcy status of residents in their area.
The Mirror reports that Baldwin’s monetary stability took a hit after "a string of bad financial decisions sent him further into the red".
Britons who have also made a number of poor decisions - such as taking on more credit and store cards - may now find their repayments are becoming uncontrollable.
According to Credit Action, one person every 3.72 minutes will be declared insolvent or bankrupt today (January 12th).
By Kim Parsons
