Famous Actor Avoids Bankruptcy But Not Consequences of Excessive Debt

Posted on Nov 23, 2016 By Carla Handy

gadsden attorney Carla HandyNicholas Cage is a household name in America.  A famous actor best known for his role of “Hi” McDunnough in Raising Arizona, spent the better part of the 2000’s buying copious amounts of real estate, art, jewelry, spectacular cars and exotic animals, including two King Cobras (because what home is complete without at least two??).   In 2009, the spending spree came to a drastic halt when, as noted by my law partner Amy Tanner, Cage ran afoul of the IRS for failing to pay $6 million in federal income tax.  Since 2009, Mr. Cage has lost at least four pieces of real estate to foreclosure, including a residence in New Orleans known to be one of the most haunted homes in American.  In addition, several other properties have been sold by Mr. Cage to pay the tax debt.  At times, Nicholas Cage has owned a Lamborghini previously owned by the Shah of Iran and a collection of pygmy shrunken heads, according to an article posted on Money Crashers.

Despite having experienced “the wheels come off”, Nicholas Cage has avoided having to seek bankruptcy relief.  He has done so, as Money Crashers so eloquently puts it, by “working his tail off” in every movie he could get his hands on since 2009.  He also experienced one gift from the gods when he was able to sell a single rare comic book for more than $2 million dollars to help settle his tax debt.  While I applaud Mr. Cage for his work ethic and his tenacity in avoiding bankruptcy court, the average American does not have million dollar movie roles and rare comic books to assist them in settling their debt.  If you are struggling with debt and want to learn how bankruptcy relief can potentially help you, please contact one of our locations nearest you in Alabama, Mississippi or Tennessee for a free, confidential consultation.