Stephen Baldwin has filed for bankruptcy. The youngest Baldwin brother and wife Kennya have filed for Chapter 11 protection amid reports of home payment troubles.According to Wall Street Journal, the 43-year-old actor filed the petition in the U.S. Bankruptcy Court in New York.
He and Kennya are apparently behind $1.19 million on two mortgages.
They also owe $749,974 worth of back taxes since 1999 to the IRS, $139,288 for unpaid withholding taxes, and $194,527 in unpaid state income taxes.
In addition, Stephen, who was recently seen in the NBC reality show "I'm a Celebrity… Get Me Out of Here," has more than $70,000 in credit card debt.
Last month, a public auction on the couple's foreclosed Upper Grandview home was postponed for 30 days.
Baldwin was granted the postponement and was seeking options on paying back his mortgage, but clearly that isn't the case anymore.
Just another case of a star living beyond his means. This is so sad that Baldwin managed to acquire all that debt from living the life of the rich and famous but has fallen by the way side with his efforts on paying back the debt. So what do you do sir when you realize that the money was no longer coming in, fake it until you make it?
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