Katt Williams has filed for bankruptcy?

I learned from Bossip that Katt Williams has filed for bankruptcy.

According to the comedy magazine Humor Mill:

In the long list of controversies surrounding Katt Williams, it looks like this following news might be a serious set back; we just discovered from several sources that comedian and actor Williams has filed for bankruptcy.
Over the past several years, Katt Williams has been involved in several tours that have grossed over $50 million dollars and several months ago Katt turned down an offer from Comedy Central for over $50 million, not to mention his official retirement from doing stand up over the Christmas holidays.

This sure isn’t pimpin’ Katt. Hopefully, the talented brother gets his mind right and gets it together.

Nothing is more wastefull than a man to jack 5 or 10 million, but 50 million is crazy! If you have no clue, man hire somone that does...I am shocked that you would fall on the bad investment cart and have to file Bankruptcy...The smart millionaire buy and market their name. I sure hope that you did not get caught up in the entourage and was spending money like you were Bill Gates. Understand one thing, even if Bill spends 20 million he has 50 million coming in. Success comes in manys ways, the key is not to make a million and spend it, but to make a million and make it multiply. Every success sport figure, singer or actress all ways figure out one thing, they ride the wagon as far as they can take it and utilize it will they are doing it. Now while they are riding that wagon they are always making smart investments and utilizing their name to the best of their ability. Just to give you and ideal what I am speaking of Look at Nelly and Jay Z both own basketball teams and have clothing line and are always looking for opportunity to build their empires. The Rap game has been good to them but they figured that it will end one day and they made smart decisions to remain successful. Now I could go on ranting and raving about the stupidity of Bankruptcy but is all that really necessary? You made your mistake, so cowboy up and regroup and make it again! Just the next time don't make the same mistake twice.