debt

6 celebrities gone bankrupt

Zsa Zsa Gabor lost a lawsuit
Next
5 of 8
Back
Zsa Zsa Gabor lost a lawsuit

After a longstanding feud between Hollywood starlets Zsa Zsa Gabor and Elke Sommer, Gabor struck a nerve when she and her husband told German publications that Sommer was a financially strapped Hollywood has-been. This resulted in a libel suit against Gabor, which she ultimately lost in 1993. She then filed for bankruptcy.

"Everyone should look at their assets and see where they are unprotected," says Hirshman.

"Most people don't carry enough insurance, Hirshman says. Think about potential risks versus your assets. Some people insure themselves up to three times what their asset base is. If your regular insurance doesn't give you full coverage if your child is in a car accident and you get sued, consider an umbrella policy on your property and casualty insurance. It will kick in when you're regular insurance is depleted.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CREDIT CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Is power of attorney status risky?

Dear Debt Adviser, I am so glad you recently posted a question about an elderly mother. My mother has dementia. Eight years ago, she opened a credit card for a family member who has now declared bankruptcy. My mother only... Read more

advertisement
Partner Center
advertisement

Connect with us