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Willie Nelson: How he went from riches to rags in a heartbeat

There is no such thing as being so wealthy that you are immune from financial troubles. It is important for Kentucky residents to remember that going bankrupt is not only something that happens to the poor. Sometimes, even millionaires get millions of dollars in debt. Take singer-songwriter Willie Nelson, for example. At one time, he was $17 million dollars in debt to the Internal Revenue Service.

Willie Nelson is by far one of the most famously successful musical artists. He has won award after award -- including eleven Grammy awards and seven American Music awards. Considering his high level of success, it is particularly shocking that Willie went broke.

At one time, Willie Nelson was $17 million in debt to the IRS. His problems largely stemmed from allowing the wrong individuals to manage his money. In 1990, Nelson's bank accounts and properties were taken by the IRS in order to help pay off his massive tax bills. He then produced two albums in order to use the profits to pay down his IRS bills. In fact, 100 percent of the profits from those albums was required to pay off the remainder that he owed.

As one can plainly see, even the most successful individuals can find themselves in debt trouble. Furthermore, even the most successful individuals can find themselves filing for bankruptcy in order to climb their way out of debt. Still, it is important for potential bankruptcy filers to take control of their situations sooner rather than later. Out of control debt only tends to get worse, and exponentially so. Therefore, Kentucky residents who are "in the hole" are encouraged to speak with a bankruptcy lawyer to review their options sooner rather than later.

Source: MyFirstClassLife, "10 Millionaires & Billionaires Who Went From Rich To Broke," accessed July 15, 2016

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