Rihanna filed for bankruptcy about five years ago, in 2009, because her accountants were unable to keep detail logs of her money or failed to inform her that she was heading downhill financially, as reported by AOL in a February 12, 2014 article.

The well-known singer claims that “their poor advice saw her fortune fall from $11 million at the beginning of the year to $2 million by the end of it.” While this amount does not really make one bankrupt, in Rihanna’s case it did because there was a significant decrease in her financial assets. Some of the things or events that placed her in this situation are (1) the buying of a home that cost about $7 million, and her accountant did not object to this, (2) when she sold the house she lost about two million dollars, and (3) her tour in 2009 did not bring in enough money yet her accountants did not notify her of this. Also, she had more expenses that she could deal with at the time.

Her accountants claim that there were not responsible for her bankruptcy and Rihanna is the one who should take full responsibility for it. After the bankruptcy, Rihanna was able to become financially stable again, and today she has a net worth of about $43 million. Rihanna is not the only singer who has filed for bankruptcy. For instance, MC Hammer filed about 20 years ago since he had close to $13 million in debt.

If you are in debt and are struggling to stay afloat financially, then you should consider personal bankruptcy. Jayson Lutzky is a lawyer with over 30 years of experience practicing law in New York who offers free in person consultations. Call 718-514-6619 to set up a no obligation appointment to learn about your options. Visit www.MyNewYorkCityLawyer.com to learn more.