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7 celebrities gone bankrupt

Cyndi Lauper's album failed
Cyndi Lauper © DANNY MOLOSHOK/Reuters/Corbis

Cyndi Lauper's album failed

Singer Cyndi Lauper belonged to a band called Blue Angel. Together they released an album that didn't sell well. It caused the band to break up and fire their manager. The manager sued each of them for breach of contract, and the lawsuit forced Lauper to file for bankruptcy in 1980.

If you're in the limelight, Hirshman recommends adding an umbrella policy to your property and casualty insurance. You should have a minimum of coverage that equals twice your assets.

Most people don't carry enough insurance, Hirshman says. Think about potential risks versus your assets. Some people insure themselves up to 3 times what their asset base is. An umbrella policy on your property and casualty insurance will kick in when your regular insurance is depleted.

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